Nestle Malaysia released its fourth quarter result with the Group recording an increase in turnover from RM1.47 billion to RM1.65 billion, a 12.4% increase versus the same quarter of the previous year. It attributed the result to solid momentum on the back of higher domestic and export sales, which grew by 10.6% and 18.3%.
The group recorded Profit Before Tax and Profit After Tax (PAT) of RM183.3 million and RM132.9 million respectively in Q4 2022, both of which were higher compared with the same period last year. This was achieved on the back of the increased turnover and despite higher commodity prices and unfavourable exchange rates, as well as the quarterly impact of Cukai Makmur (Prosperity Tax) on PAT.
For the full year ended 31 December 2022, the Group registered improved sales of RM6.66 billion, a 16.2% increase from RM5.7 billion in the previous year. This was driven by the positive growth of both domestic and export sales, which increased by 12.9% and 29.3% respectively. The core Food and Beverage (F&B) segment maintained its positive momentum while the Out-of-Home (OOH) business serving restaurants, hotels and other hospitality-related sales channels bounced back strongly following the end of the remaining movement restrictions in the second quarter of 2022.
The Group turned in PBT of RM859.5 million and PAT of RM620.3 million for 2022, reflecting an increase of 14.3% and 8.9% respectively, compared with the previous year. Stronger sales, multiple cost-saving initiatives, and reduced COVID-19 expenses helped to mitigate the impact of higher commodity prices, unfavourable exchange rates, and the impact of the Prosperity Tax on PAT.
Nestle Board declared a third interim dividend of RM1.22 per share for the financial year ending 31 December 2022, 20 sen higher than the third interim dividend of 2021.
