KUALA LUMPUR: Nestle (Malaysia) Bhd’s net profit for the financial year ended Dec 31, 2022 (FY 2022) rose to RM620.33 million from RM569.81 million in FY21 as demand for food and beverage bounced back post-pandemic.
Revenue also jumped to RM6.67 billion versus RM5.73 billion previously, driven by both domestic and export sales, it said in a filing with Bursa Malaysia today.
For the fourth quarter (4Q 2022), its net profit increased to RM132.85 million from RM112.10 in the corresponding quarter of the preceding year, while revenue climbed to RM1.65 billion from RM1.47 billion previously.
Nestle said its core food and beverage (F&B) segment maintained its positive momentum while the out-of-home (OOH) business serving restaurants, hotels, and other hospitality-related sales channels bounced back strongly following the end of the remaining movement restrictions in the second quarter of 2022.
“The strong performance in the final quarter of the year reflects the ongoing efforts to keep our brands close and relevant to the needs and expectations of Malaysians.
“We continue to harness every opportunity to drive and fulfil the strong demand for our brands,” it said.
Commenting on its outlook, Nestle said the volatile economic environment is expected to persist due to continued inflationary pressures, alongside uncertainties in commodity and currency prices, with signs of a recession looming in some of the world’s major economies.
“Food commodity prices and food inflation, in particular, will remain high throughout the first half of 2023, but we expect a progressive improvement in the later part of the year.
“Against this backdrop, we will redouble our efforts to stay focused on what matters – meeting and serving the needs of Malaysians while further investing in capabilities to drive sustainable profitable growth,” it added. – BERNAMA
