Senheng Group reported its third-quarter results with profit declining more than 60% to RM5.1 million after the group registered RM14.5 million in the same quarter in the preceding year.
Overall sales for Q3 2023 were also down RM312 million as opposed to RM354 million, Senheng attributed the lower earnings to weak consumer sentiment.
In a statement the group said amidst the challenging environment, the Group continues with its market share grabbing
upgrades through its ‘Territory Champion’ strategy, entailing in-store enrichments and expansions. The ongoing growth strategy, spanning 2022-2024, aims to enhance in-store experiences nationwide to boost per-store sales.
As for the nine months YTD, revenue declined 14.5% to RM956.5 million from RM1.1 billion previously, while net profit dropped 54.7% to RM17.9 million from RM39.5 million previously, mainly due to weak consumer sentiment throughout 2023.
