The decline was due to currency volatility, freight disruptions, and lower product sales.
Yeo Hiap Seng (Yeo's) reported a net profit of $3.2m in H1 2024, down 3% from a year ago.
Revenue also decreased 8.7% to $165.3m, with core Yeo's F&B revenue also declining 4.1% to $152.0m from $158.5m.
The decline was due to the lower sales for non-Yeo's products, foreign currency impact, and freight disruptions.
Excluding foreign currency impact, revenue remained unchanged YoY, with growth in Malaysia and Singapore offsetting weaker demand in other markets.
Meanwhile, gross profit margin rose 0.2 percentage points (pps) to 32.7% from 32.5% due to cost optimisation and improved product portfolio, which offset cost inflation.
Yeo's expects the volatility of the regional currencies like the Indonesian rupiah and Malaysian ringgit to put pressure on their performance. The company will focus on brand strategy, launching new products, and expanding internal capabilities by upgrading its IT systems.
