PETALING JAYA: Teo Seng Capital Bhd expects better productivity for 2024 and expects its financial performance for the remainder of the year to remain satisfactory.
For the first quarter ended March 31, 2024, Teo Seng’s net profit rose to RM34mil from RM19.68mil in the previous corresponding period, while revenue in the first quarter improved to RM190.07mil from RM183.4mil.
Basic earnings per share stood at 11.59 sen compared with 6.70 sen a year earlier.
In a filing with Bursa Malaysia, Teo Seng said its poultry farming segment saw improved revenue by 4.3%, which was attributed to the increase in sales quantities of eggs.
“Following the higher revenue, cost effectiveness and coupled with egg subsidy granted by the government, the group posted a pre-tax profit of RM37.9mil for the financial period under review.”
“Despite lower revenue of RM100,000, representing decline of 0.3% recorded by investment and trading of poultry related products segment, pre-tax profit improved by 3.5% for the period under review, mainly due to stable demand of animal health products,” it said.