For the third quarter ended 30 September 2023, Nestle Malaysia recorded a turnover of RM1.77 billion, marking a 5.3% increase from the same quarter last year. Domestic sales remained a key contributor with double-digit growth of 11.7%. This was partially offset by export sales, which were lower in comparison to a very high baseline in the previous year’s corresponding quarter.
Profit Before Tax (PBT) and Profit After Tax (PAT) both increased to RM200.3 million and RM133.7 million respectively in Q3 2023. This was driven by robust domestic sales coupled with the Group’s continuous drive to enhance internal efficiencies and cost saving initiatives, as well as a more moderate impact of commodity costs. The Wyeth business, integrated for the first time in this quarter, delivered positive results as per expectations. Following a thorough assessment, the Group recognized impairment losses related to some idle and obsolete assets no longer in use, following the substantial investments in recent years to constantly upgrade and modernize the Group’s industrial infrastructure and manufacturing footprints.
For the nine months ended 30 September 2023, the Group registered a turnover of RM5.37 billion, marking a 7.0% increase compared with RM5.02 billion in last year’s corresponding period mainly due to the double-digit growth in domestic sales, driven by robust demand. This was slightly tempered by reduced export sales, which had benefited from a robust recovery in 2022 as the global economy reopened after the pandemic. The Group’s PBT of RM702.4 million and PAT of RM511.8 million for the first nine months of the year reflects a moderate increase of 3.9% and 5.0% respectively. This was supported by sales growth and continuous focus on internal efficiencies and saving initiatives to offset the impact of volatile commodity prices and unfavourable exchange rates. The improved PAT was also supported by the absence of the Cukai Makmur (Prosperity Tax) imposed in 2022.
In line with the Group’s commitment to delivering value for shareholders, the Board declared a second interim dividend of RM0.70 per share for the financial year ending 31 December 2023, consistent with the second interim dividend of 2022
For the third quarter ended 30 September 2023, the Group registered a turnover of RM1.77 billion, slightly higher compared to the second quarter of 2023, mainly due to solid domestic sales on the back of sustained consumer demand. Profit Before Tax was lower at RM200.3 million, mainly due to the higher operating expense
