Able Global Remains Optimistic In F&B Sector Growth, 1H Earnings Rises

Able Global Berhad recorded revenue of RM302.41 million for the cumulative 6 months ended on 30 June 2023, registering an increase of 6.9% as compared to RM282.91 million recorded in the corresponding 6-month period for the preceding year.

The Group achieved a profit before tax of RM23.72 million, registering a commendable growth of 10.2% as compared to RM21.52 million in 1HFY2022. At the same time, AGB posted a profit after tax of RM18.08 million representing a 5.2% increase in 1HFY2023 against RM17.18 million recorded in 1HFY2022.

For segmental review, the Group’s Food and Beverage segment registered RM286.15 million in 1HFY2023, representing an increase of 6.9% as compared to RM269.15 million in 1HFY2022 which was driven by higher demand for its dairy products.

However, the increase was partially offset by a 15.4% drop in revenue for the Group’s Tin Cans Manufacturing segment as it posted RM63.65 million during 1HFY2023, as compared to RM75.26 million in 1HFY2022.

Share of profit from Mexico joint venture has been increasing steadily which registered at RM1.11 million in 1HFY2023, as compared to a of RM0.57 million in 1HFY2022.

The management of AGB expressed, “Despite the challenging business backdrop in the tin cans manufacturing and food and beverage industry emanating from the increase in competition and elevated sugar prices respectively for both segments, we are still optimistic that both our F&B segment and tin cans manufacturing segment’s profitability to remain.”

During the current quarter under review, the Board of Directors is pleased to declare a second interim dividend of 1.5 sen per ordinary share in respect of the financial year ending 31 December 2023. The date of payment and book closure of the said interim dividend will be determined at a later date.

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