Agri-business player Mewah International has posted 1HFY2024 ended June earnings of US$18.6 million ($24.47 million), up 82.7% y-o-y supported by improved margins for both its bulk and consumer pack segments.
Its bulk segment saw a 3.8% y-o-y decrease in sales volume for 1HFY2024 but its operating margins improved by 5.2% y-o-y.
Its consumer pack segment, on the other hand, delivered a robust performance capitalising on its widespread customer network and product range, with operating margin improving by 16.4% y-o-y.
Mewah’s revenue, however, declined by 10.6% y-o-y to US$1.9 billion due to an 8% y-o-y reduction in selling prices and 2.8% y-o-y reduction in sales volume.
The company has declared an interim exempt dividend of 0.14 cents per ordinary share.
In its outlook, the company says initiatives in product diversification and supply range expansion will position it well to navigate uncertainties.
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“With a strong balance sheet, the group will maintain a cautious approach while focusing on sustainable growth,” it adds.
Shares in Mewah closed 0.5 cents lower or 1.8% down on Aug 14 at 27 cents.
