Farm Fresh has released its second quarter financial results reporting a revenue of RM198.3 million an increase of 22.3% from RM162.2 million reported in the corresponding quarter. Profit before tax and profit after tax increased by 144.0% and 133.4% to RM14.3 million and RM13.1 million respectively over Q1FY2024.
In comparison with the corresponding quarter of the previous financial year, the Group managed to register an improvement of 9.1% and 15.1% in PBT and PAT respectively from RM13.1 million and RM11.4 million.
As for the year to date, Farm Fresh reported a revenue of RM363 million which is higher compared to RM306 million achieved in 2022. YTD profits remain subdued at RM19 million against RM26 million the group achieved the year before.
The group recently completed the acquisition of a 70% stake in Sin Wah Ice Cream Sdn Bhd giving it immediate access to more than 6,000 distribution drop points and logistics capabilities to facilitate the distribution of its own ice cream products.
Farm Fresh said the regional plans remain intact. In the Philippines, it had secured a site for our processing plant located within an hour from Manila, which is targeted to be operational in early 2024.
