Guan Chong Berhad recently commissioned a United Kingdom (UK) facility to boost the Group’s annual industrial chocolate capacity by 16% or 16,000 MT (metric tonnes) to 116,000 MT. Sitting on more than 17 acres of land and 300,000 square feet of built-up area, the new facility in Suffolk, UK is capable of producing 16,000 MT of industrial chocolate annually.
Its strategic location close to the port of Felixstowe enables it to serve chocolate makers and other clients across Europe, providing just-in-time local deliveries of liquid and solid products, as well as professional services such as technical support.
Together with the existing 100,000 MT annual capacity in GCB’s German subsidiary, SCHOKINAG- Schokolade-Industrie GmbH (SCHOKINAG), the Group aims to capitalise on the growing industrial chocolate demand in Europe
In the second quarter ended 30 June 2023 (2Q23), the Group recorded revenue of RM1.16 billion versus RM1.20 billion previously, lower by 3.1% due to decreased sales volume of cocoa butter and cocoa powder. However, the revenue decline was mitigated by the higher average selling price of industrial chocolates as revenue from its German subsidiary rose by 20.9% to RM605.17 million, from RM500.73 million previously.
Due to higher finance costs from increased interest rates and weaker ringgit, GCB recorded RM28.13 million net profit in 2Q23, a 37.0% decrease from RM44.61 million in the same quarter last year.
In the first half ended 30 June 2023 (1H23), the Group’s revenue increased 3.4% to RM2.26 billion versus RM2.19 billion in the same period last year, while net profit decreased 47.0% to RM51.88 million in comparison to RM97.88 million due to lower grinding margins and higher finance cost.
