Cocoa ingredients supplier JB Foods has reported earnings of US$16.7 million for FY2022, up 20.5% from the preceding year's US$13.9 million.
Driven by higher demand for its products, the company's revenue in the same period was up 13.6% to US$509.6 million - the first time the topline crossed the US$500 million mark.
The company plans to pay a final dividend of 1.6 cents, which will bring total payout for FY2022 to 1.8 cents.
"We conscientiously partner our worldwide customers to deliver the cocoa ingredients solutions that they require, while simultaneously adapting to their business needs," says CEO Tey How Keong.
The company believes that with the pandemic restrictions eased, overall consumption of cocoa has been boosted.
"However, the high inflation, high-interest rate environment, and uncertainty in the global economic environment may pose potential headwinds to the group," the company says.
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JB Foods expects the rest of the current FY2023 to volatile, although it remains optimistic that cocoa consumption will continue to be supported by the recovery of the economic activities following the pandemic and also due to the growing middle-income class over the long term.
JB Foods closed Feb 27 at 50 cents, up 4.21%.
