Leong Hup records 4Q net profit jump to RM52.56mil

KUALA LUMPUR: Leong Hup International Bhd is optimistic over its performance in 2021 on expectation of gross domestic growth in the countries it operates in and improved business environments over the coming year.

“The Group has adequate liquidity for operations and is well-positioned to capture opportunities when the market recovers,” it said in its earnings announcement to Bursa Malaysia.

The poultry producer recorded a jump in net profit in the fourth quarter ended Dec 31, 2020, to RM52.56mil from RM29.53mil in the previous corresponding period on the back of higher revenue.

Revenue for the quarter was RM1.61bil, up from RM1.54bil in the comparative quarter.

The group said revenue from sales of livestock and poultry-related products grew 2.9% to RM874.53mil due to an increase in average selling price and sales volume of day-old chicks in Indonesia and eggs in Vietnam.

For the group’s feedmill business, revenue rose 5.8% to RM704.89mil from RM665.99mil due to higher sales volume in livestock feed in Indonesia and Vietnam.

However, Ebitda in both segments fell on the back of lower margins.

Over the entire financial year, net profit was RM113.15mil, a 25% dip from 2019, while revenue was RM6.04bil, comparable to RM6.05bil previously.

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