Farm Fresh Berhad announced its financial results for the third quarter ended 31 December 2023 reporting a revenue of RM211.6 million which was 30.5% higher compared to the corresponding quarter, and a 6.7% growth compared to the preceding quarter. The upsurge it said was contributed from the hotel, restaurant and cafe distribution channel, higher sales volume coming from UHT products as well as contributions from Inside Scoop Sdn Bhd and Sin Wah Ice Cream Sdn Bhd.
The Group also recorded an increase in profitability mainly driven by reduction in input costs from dairy raw materials, increase in prices for chilled RTD products in Malaysia effective mid-July 2023 and contribution from Inside Scoop and Sin Wah. In comparison to the preceding quarter, the gross profit, profit before tax and profit after tax all recorded significant increases of 25.7%, 67.8% and 57.0% respectively to RM65.6 million, RM24.0 million and RM20.6 million. In comparison to the corresponding quarter of the preceding financial year, the Group recorded improvements of 66.2%, 18.1% and 9.6% in GP, PBT and PAT respectively, compared to RM39.5 million, RM20.4 million and RM18.8 million
Looking ahead, Farm Fresh said it is focused on having its Philippines plant operational by May 2024, pending the completion of necessary licences and registrations. Initial plans will be centred around assortment of chilled products, UHT products, and growing-up milk powder for the Philippines market, with a primary focus on the Greater Manila area.
