1st Half Results is out on 8th August 2025.
Net profit is down 66% to 4.1m vs 12.4m last year. Staff costs increased 4% from 62m to 64m.
Total other operating expenses increased 16% to 36.5m vs 31.4m.
Group revenue decreased marginally to $306.1 million for the first half year ended 30 June 2025 (“1H 2025”)
from $309.2 million for the first half year ended 30 June 2024 (“1H 2024”). In constant currency terms, Group
revenue is flat.
Declared 1 cents interim dividend.
The Group’s costs of materials decreased marginally in 1H 2025, in line with the reduced sales.
Staff costs increased in 1H 2025 by 4% compared to 1H 2024 mainly due to increased production activities by
the Group’s bakery operations in Philippines, as well as effects of implementation of minimum wage rate in
beginning 2025 for the Group’s bakery operations in Malaysia.
Repairs and maintenance decreased by 7% from $6.6 million in 1H 2024 to $6.1 million in 1H 2025 as fewer
infrastructure and facilities maintenance was necessary in the Bakery segment.
Advertising and promotion expense increased by 8% or $0.3 million to $4.0 million in 1H 2025 due to higher
marketing expenses incurred by the Bakery segment to promote sales growth.
Other operating expenses, which included operating lease expense, distribution and transportation expense,
impairment loss on property, plant and equipment and foreign currency translation loss, increased by 16% or
$5.0 million from $31.5 million in 1H 2024 to $36.5 million in 1H 2025. The Group recorded foreign currency
translation loss of $3.0 million in 1H 2025 as compared with $0.1 million in 1H 2024 (see section 1(a)(ii) on
page 2). The major component of the foreign currency translation loss arose from the translation effects from
AUD to SGD of the Group’s substantial holdings in AUD-denominated cash and cash equivalents. An
impairment loss of $0.6 million was recognised in 1H 2025 to write down the carrying value of property, plant
and equipment to its net realisable value. Operating lease expense increased by 10% from $8.0 million in 1H
2024 to $8.7 million in 1H 2025, as more commercial vehicles were added to expand our bakery distribution
network.
Group finance costs (interest expense) decreased 36% or $0.4 million from $1.1 million in 1H 2024 to $0.7
million in 1H 2025 due to lower borrowings.
The Group recognised a non-cash impairment of $1.9 million on the Group’s investment in its joint venture in
1H 2025, compared to $1.2 million in 1H 2024 (see section 1(a)(ii)(b) on page 3). The share of operating
profits of joint venture, before the Group’s impairment provision on its investment, was $0.9 million for 1H
2025, up from $0.3 million for 1H 2024. The increase was due to lower raw material costs and moderated
operating overheads. Accordingly, after impairment provision on its investment, the Group recorded a share of
losses of joint venture of $1.0 million in 1H 2025 as compared to a loss of $0.9 million in 1H 2024.
Group earnings before interest, tax, depreciation and amortisation (“EBITDA”) decreased by 38% from $27.9
million for 1H 2024 to $17.4 million for 1H 2025.
5th July 2025:
1st Half of 2025 expect to report a significant fall in Net profit.
Chart wise, the classical way of being pumped and dumped scenario. The price collapsed from 91.5 cents to close at 86 cents. It went down to touch 84 cents before bargain hunters coming in to support. Few days before the releasing of this profit guidance saw company director bought some share. Is this a way to push up the price to cushion the impact of the price falling. I think SGX should investigate!
If 84 cents cannot hold, Next, she may go down to test 82 than 80 cents.
PLS DYODD.
Q8 August 2024:
QAF - 1st Half Results is out! NET Profit is up 150 percent 12.4m versus 4.9m last year!
Gross Revenue is up 3 percent to 309m versus 301m.Interim dividend of 1 cents! I think the results is gd!
Cash flows is positive.
Cash on hands is 190m. Short term loan of 10m. Net cash position of about 180m.
NAV 82.3 cents.
EPS 2.2 cents.
Pls dyodd.
Full year dividend payout of about 28.7m. Ops cash generated 57.5m. Should be Adequately sufficient to cover the dividend payout of 5 cents yearly.
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