Food and drinks manufacturer Yeo Hiap Seng has narrowed its net loss for the six months ended June 30 2021, thanks to higher revenue coupled with more profitable sales mix and cost control.
For 1HFY2021, Yeo’s revenue grew by 4.2% y-o-y to $169.3 million. Net loss dipped from $6.7 million to $1.2 million.
The company enjoyed the strongest revenue growth in Malaysia and China.
“We strive to build on this positive momentum to deliver better earnings quality and value to our shareholders,” says group CEO Samuel Koh, adding that uncertainty remains given the on-going pandemic.
The company has been moving into new product areas, such as its collaboration with Sweden-based oat milk company, Oatly, which commenced commercial production last month.
For the longer term, Yeo’s has invested in food start-ups as well. Last month, it committed US$1 million in pre-series A+ convertible preference shares of Next Gen Foods.
NGF is a Singapore-based plant-based food tech business with other backers such as Temasek Holdings.
Yeo Hiap Seng shares closed on Aug 10 at 90 cents, unchanged for the day and up 16.88% year to date.
