Newly-listed OTS Holdings, a foodstuff maker, has reported earnings of $2.99 million for FY2021 ended June 30 2021, down 15.8% from the preceding year.
However, if listing expenses were excluded, the company would have reported earnings of $4.05 million, up 13.9%.
Revenue in the same period was up 11.5% to $38.5 million, led by higher sales in Malaysia.
The company has recently set up a subsidiary in the Philippines and is eyeing growth in this market.
“The revenue growth from overseas markets validates our business strategy and we will continue to expand our overseas footprint and target new growth initiatives, that are aligned with our strategic priorities,” says managing director Ong Bee Chip.
The company plans to give out a dividend of 0.7 cents per share, which translates into a payout ratio of around 50%.
To ride on the growing demand for plant-based food products, OTS is in the midst of developing its own offerings, such as plant-based canned luncheon meat. It plans to launch these new products by early 2022.
It is also eying more online sales.
At the IPO, OTS shares were sold at 23 cents. It closed Aug 27 at 31 cents.
