SINGAPORE (Mar 1): Japfa has announced a nearly 80-fold increase in its FY18 earnings to US$100.4 million ($135.4 million), compared to just US$1.32 million in FY17.

Revenue for the period reached a record high and was 11% higher at US$3.53 billion from US$3.19 billion a year ago, driven mainly by higher average selling price for both poultry in Indonesia and swine fattening in APO-Vietnam as well as higher sales volumes from Dairy and poultry feed in Indonesia and Vietnam.

All of the group’s business segments registered revenue growth.

Cost of sales increased by 6% y-o-y to US$2.76 billion, bringing gross profit for FY18 to US$770.3 million, 34% higher than US$574.2 million last year.

In FY18, the group recorded other gain of US$24.4 million, compared to other loss of US$0.84 million.

However, the group recorded foreign exchange loss of US$32.7 million in FY18, compared to foreign exchange gain of US$5.14 million in FY17, primarily due to the unrealised exchange losses arise from the translation of USD bonds in Animal Protein Indonesia segment and USD loans in Dairy segment.

As at Dec 31, 2018, the group’s cash and cash equivalents stood at US$164.2 million.

The group has proposed a final ordinary dividend of 1 cent per share and a final special dividend of 1 cent per share.

Tan Yong Nang, CEO of Japfa says, “I believe that our strategic priorities of being in the right markets and the right business segments position us well for the years ahead. We are also operating in a period of high growth across the five emerging Asian economies that we operate in, putting Japfa in a sweet spot in terms of the right timing. The increasing affluence of our target middle- and lower-income consumer groups in these markets also augur well for sustainable growth for the Group.”

Shares in Japfa last traded 3.26% lower at 76 cents on Thursday.