Bfood quarterly performance improves
PETALING JAYA: Berjaya Food Bhd (Bfood) anticipates the operating results of the group to remain satisfactory for the remaining quarters of the financial year ending June 30, 2023, despite facing inflationary pressure on its operating costs.
In a filing with Bursa Malaysia yesterday, Bfood said its board of directors expects its Starbucks business to maintain its revenue growth momentum, going forward.
For its first quarter ended Sept 30, 2022, Bfood’s net profit rose to Rm34.70mil from Rm11.63mil in the previous corresponding period,
Revenue in the first quarter jumped to Rm283.05mil from Rm187.72mil a year earlier. Basic earnings per share in the first quarter stood at 1.96 sen, versus 0.65 sen a year earlier.
Bfood said the 51% increase in revenue was mainly due to higher same-store-sales growth, particularly from Starbucks cafe outlets as well as the full quarter effect of the new Starbucks cafe outlets opened during the previous financial year.
“The group’s pre-tax profit jumped 163% to Rm50.03mil against Rm19.01mil in the previous year’s corresponding quarter.
“The significant increase in the pre-tax profit was in tandem with the higher revenue recorded in the current quarter coupled with the turnaround of the Kenny Rogers Roasters (KRR) business performance.
Meanwhile, in a separate statement, Bfood chief executive officer Datuk Sydney Quays said the company is pleased to have ended the first quarter of the current financial year on a positive note with encouraging results.
“Despite inflationary pressures, the group will continue to work on managing its operational costs effectively and sustaining its growth momentum for the rest of the financial year.”
Bfood also declared a first interim dividend of 0.50 sen per share, to be paid on Dec 20, 2022.
Bfood is primarily engaged in developing and operating the “Starbucks Coffee” brand in Malaysia and Brunei, developing and operating the KRR chain in Malaysia, as well as Jollibean and various brands in Singapore.
In an earlier report, RHB Research said Bfood is seeing opportunity for network expansion. “With a target of opening 40 Starbucks outlets in financial year 2023, its priority would be the drive-through store format (50% of new stores),” it said.