It seems that F&B manufacturer Yeo Hiap Seng (Yeo’s) is on its way to recovery. For the FY2021 ended December 2021, Yeo’s recorded a loss of $2.9 million, compared to a loss of $10.0 million in FY2020. The group attributes this to its continuous drive for positive momentum in its F&B revenue with a strong focus on its profit margin.
This was supported by a 5.0% y-o-y increase in revenue to $337.9 million from $321.8 million a year ago, while gross profit margin increased to 29.7% from 28.4%, led by higher contribution from the group’s consumer F&B products.
Among the countries that the group has its business in, Malaysia is the group’s largest revenue contributor, followed by Singapore and other Asia Pacific countries. The group attributes its increase in revenue to the recovery of its markets, especially Malaysia, Mainland China, Indonesia and Europe, all of which recorded double-digit increments to revenues.
