Nestle Malaysia released its financial results for the fourth quarter ended 31 December 2023, where the Group posted a turnover of RM1.69 billion, up by 2.3% from last year’s corresponding quarter, contributed by positive domestic growth and some correction in export sales against a high baseline last year.
Profit Before Tax in Q4 2023 however was slightly lower at RM176.7 million, primarily owing to higher operating expenses. During the quarter, the Group recognised impairment losses for some of the assets after a thorough assessment of the recoverable amount. Profit After Tax increased to RM148.1 million, mainly due to the absence of Cukai Makmur (Prosperity Tax) imposed in 2022
For the full year ended 31 December 2023, the Group recorded a turnover of RM7.05 billion, up by 5.8% from RM6.66 billion in the previous financial year. Domestic sales remained a key driver, fuelled by resilient consumer demand. This was offset slightly by lower export sales compared with 2022 which had experienced a strong rebound following the easing of global pandemic restrictions.
The Group registered a PBT of RM879.1 million and PAT of RM659.9 million. This it said was contributed by the higher sales and the Group’s continuous focus on driving internal efficiencies and saving initiatives, which helped to alleviate the impact of unfavourable commodity prices and exchange rates. The improved PAT was also supported by lower taxes in the absence of Cukai Makmur (Prosperity Tax) imposed in 2022
The Board declared a third interim dividend of RM1.28 per share for the financial year ended 31 December 2023, 6 sen higher than the third interim dividend of 2022.
