Leong Hup World recorded file earnings for fiscal 12 months 2023, the Malaysia-based poultry, egg and feed manufacturer not too long ago introduced.
The corporate reported a earnings of MYR9.54 billion (US$2 billion) for the 12 months, which was once an growth of five.5% when in comparison to fiscal 12 months 2022. For the fourth quarter of FY 2023, the corporate completed MYR2.41 billion in earnings, a three.9% year-over-year build up.
Damaged down geographically, Indonesia was once the absolute best earnings contributor throughout the fourth quarter, accounting for 38.5% of the earnings, adopted by means of Malaysia (24.4%), Vietnam (22.2%), Singapore (8.4%) and Philippines (6.6%).
Highlights for the quarter for the poultry industry integrated upper gross sales volumes for broiler chickens in Indonesia, upper gross sales volumes for dressed chickens in Philippines, and contemporary rooster gross sales volumes rose in Singapore as a result of a lifting of business restrictions.
The corporate additionally noticed upper gross sales volumes of feed in Indonesia and Philippines in 2023. Leong Hup World’s feed industry additionally benefited from decreased uncooked subject matter prices throughout Vietnam, Indonesia and Philippines.
“We’re happy to have completed the absolute best benefit ever for the gang,” Leong Hup World Managing Director and CEO. “All the way through the 12 months, the gang had decreased its borrowings by means of MYR574.63 million and decreased its web gearing ratio. This offers the gang with a powerful monetary place to seize attainable alternatives in our running markets.”
“As we input into 2024, decrease inflation outlook and anticipated aid in rates of interest would stimulate call for. Poultry is a quite inexpensive supply of protein, subsequently we’re assured that the trade will proceed to thrive.”
Leong Hup World is the 9th biggest egg manufacturer in Asia with a flock of 6.5 million hens. It ranks 19th amongst Asian broiler manufacturers, having slaughtered 142.3 million broilers throughout the previous 12 months. As a feed manufacturer, Leong Hup ranks 54th international, with an annual manufacturing of two.27 metric heaps.