February 23, 2024

Malaysian egg producer Teo Seng Capital achieves record high earnings in FY2023

Malaysian egg producer Teo Seng Capital Bhd concluded its financial year 2023 with a record-breaking annual profit of MYR 155.8 million (US$32.6 million), marking a substantial increase from MYR 21.64 million (US$4.5 million) in FY2022, The Edge Malaysia reported.

This surge in earnings was attributed to higher egg sales, improved selling prices, and government subsidies.

According to the company's bourse filing, cumulative revenue for FY2023, which ended on Dec 31, 2023, saw a significant uptick of 16.72%, reaching MYR 760.98 million (US$159 million) compared to MYR 136 million (US$32.6 million) in the previous fiscal year.

For the fourth quarter, Teo Seng recorded a five-fold increase in net profit, amounting to MYR 66.89 million (US$14 million), up from MYR 13.03 million (US$2.7 million) in the corresponding quarter of FY2022. Revenue for the quarter climbed by 10.64% to MYR 199.86 million (US$41.8 million) from MYR 180.65 million (US$37.8 million).

Commenting on the company's outlook, Teo Seng expressed confidence in sustaining its improved financial performance for the upcoming financial year, citing favourable market conditions, enhanced productivity, and cost-effectiveness as contributing factors.

Teo Seng's shares closed higher on Tuesday, ending at MYR 2.30 (US$0.48), up by 5.5%, and reflecting a market capitalisation of MYR 690.02 million (US$144 million).

-      The Edge Malaysia