MYMBN registers modest profitability in FY23
KUALA LUMPUR: MYMBN Berhad (MYMBN), which is principally involved in the processing and sale of edible bird's nests (EBN), specifically raw unclean edible bird's nests (RUCEBN), announced its fourth quarter financial results ended December 31, 2023 (4QFY23).
There are no comparative figures for the preceding corresponding quarter and yearto-date as there is no interim financial report prepared for the comparative financial period concerned.
On a cumulative 12-month basis ended December 31, 2023 (FY23), the group posted a revenue of RM67.74 million and a profit after tax (PAT) of RM0.98 million.
Based on geographical segmentation, the People's Republic of China (PRC) market remained the largest contributor to revenue at RM59.31 million, equivalent to 87.56 per cent of total revenue for FY23.
This was followed by the Vietnam market which contributed RM5.91 million or 8.72 per cent of the total revenue, whilst Malaysia contributed the remainder RM2.52 million o1 3.72 per cent of the total revenue.
Mymbn chief executive officer, Lavernt Chen Vun Wo said, “For 2023, it has been a year of continual challenges for the industry and its participants as there has been a general pushback in terms of demand from customers in the PRC as we witnessed a broader lower demand for our RUCEBN products.”
“Nevertheless, despite the challenging landscape, we have managed to maintain our profitability for the period FY23, and we are pleased to report that we have witnessed a progressive recovery in terms of demand on a quarterly basis as reflected in 112.24 per cent increase in revenue and corresponding improvements in the group's gross profit margin in 4QFY23.
“Looking ahead, we remain committed in delivering value to our shareholders as per our outlined IPO initiatives out of which our present venture into the processing and sale of clean edible bird's nest (RCEBN) operations in the PRC is on track to commence operations by the first half of 2024.
“Additionally, our Vietnam operations has also made steady progress to-date and we expect this geographical segment to progressively grow in tandem with rising disposable income and in turn demand of the country.”
“Looking ahead, we remain cautiously optimistic of the Group's financial performance for the first quarter of the financial year 2024 as our we expect an uptake in demand during the upcoming festive and holiday periods”.