With the successful reinstatement of the production lines at the group’s Malaysian bakery factory that were damaged by floods in December 2021, the group’s Malaysian Bakery sales increased by $9.1 million in 1HFY2024 compared to 1HFY2023. This is however partly offset by challenges faced by the bakery operations in the Philippines amid high food inflation which negatively impacted the demand for bread.
QAF announced that its earnings for 1HFY2024 ended June 30 has jumped by 154% y-o-y to $12.4 million from $5.0 million a year ago, thanks to lower taxes during the period.
Revenue gained 3% y-o-y to $309.2 million from $301.6 million. In constant currency terms, group revenue increased by 4% in 1HFY2024 compared to the same period last year.
