Senheng Q4 Results Effected From Low Sales, Profit Dips 32% To RM21 Million

Senheng saw its full-year sales rise to RM1.6 billion compared to RM1.4 billion the year before backed by higher demand for
consumer electronics across its retail stores, however group net profit however declined 7.2% to RM60.6 million for the year under review compared to RM65.3 million a year ago which the company says is due to higher operating expenses for the Group’s ongoing expansions, as well as increased deferred taxation for the year.

For the fourth quarter ended 31 December 2022 (4Q22), the group net profit dipped 32.6% to RM21.0 million from RM31.2 million previously, as consumer sentiment impacted retail sales and the Group noted higher operating and administrative expenses.

Senheng said during the quarter, consumer spending in the country slowed down as interest rates continued to increase, affecting its group revenue in 4Q22 to drop marginally by 2.7% year-on-year to RM444.2 million, from RM456.4 million previously.

The higher operating expenses during the quarter were also attributed to the increased costs associated with the growth in the Group’s new and enhanced stores nationwide, in order to capture more market share in the consumer electronics sector under its Territory Champion strategy.

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