PETALING JAYA: Nestle (Malaysia) Bhd’s net profit for its third quarter ended Sept 30, 2021, rose 15.3% to RM148.02 million from RM123.39 million in the same quarter of the previous year on higher revenue and lower marketing spend, which were offset by higher commodity prices and Covid-19-related expenses.
Revenue for the quarter inched up 3.6% to RM1.44 billion from RM1.39 billion previously on the back of solid sales growth in both domestic and export markets, driven by the group’s F&B business.
Nestle Malaysia CEO Juan Aranols stated that its efforts and resilience have delivered a strong quarter in spite of multiple operational constraints.
“We have maintained our operations safely and continued to ensure stable supply to fulfil the solid demand for our brands, while ramping up our product innovation and accelerating our environmental actions,” he said in a statement.
For the nine-month period ended Sept 30, 2021 Nestle’s net profit registered a 8.9% increase to RM457.71 million from RM420.23 million in the same period of the previous year.
Revenue for the period stood at RM4.27 billion, a 5.6% increase from RM4.02 billion previously, mainly driven by domestic sales, as the retail F&B business saw an increase.
Nestle has declared a second interim dividend of 70 sen per share to be paid on Dec 15, 2021.
The group said it remains positive on its outlook in Malaysia as the vaccination rate has surpassed 90% of the country’s adult population and it is hopeful an economic recovery will progress further and intensify in the coming months.
”Looking ahead, a key challenge in the fourth quarter of the year will be the rising food commodity costs. We expect the impact to be more pronounced in the coming months and especially in 2022.”
Nevertheless, Aranols is confident the group will maintain its positive momentum and deliver another year of solid results in 2021.
Source: The Sun Daily
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