KUALA LUMPUR: Leong Hup International Bhd's first quarter profits ended March 2019 leapt 48 per cent to RM90.28 million from RM61.02 million posted a year ago, thanks to higher chicken, egg and feedmill sales.
This is on the back of RM1.51 billion in revenue in the first quarter ended March 2019, 12 per cent growth from RM1.35 billion posted a year earlier.
“With our expansion plans, we are optimistic that Leong Hup will be able to achieve positive results for FY19,” said its group chief executive officer Tan Sri Lau Tuang Nguang, in a statement yesterday.
Leong Hup's livestock and poultry related products segment continued to drive improvement in its revenue, contributing 57.1 per cent or RM859.65 million of the total revenue.
In the first quarter ended March 2019, revenue from sales of livestock and poultry-related products inched up 2.7 per cent to RM859.65 million from RM837.17 million, thanks to higher sales volume and selling price of eggs in Malaysia, and broiler day-old chicks in Indonesia.
For its feedmill segment, Leong Hup's revenue jumped 27 per cent from RM506.67 million to RM643.63 million, thanks to higher sales volume and prices livestock feed in Indonesia and Vietnam.
Leong Hup, which will officially relist on Bursa Malaysia in two days, is one of the largest initial public offering in Malaysia since 2017.
Leong Hup operates its feedmill, eggs production and livestock businesses across Malaysia, Singapore, Indonesia, Vietnam and the Philippines.