Kuala Lumpur: Teo Seng Capital Bhd reported an increase in net profit to RM183.36 million for the financial year ending December 31, 2024 (FY2024), compared to RM155.80 million from the previous year. Despite the rise in net profit, the company’s revenue saw a decline, falling to RM753.77 million from RM760.98 million, as disclosed in a filing with Bursa Malaysia.

According to BERNAMA News Agency, for the fourth quarter (4Q) of FY2024, Teo Seng Capital experienced a decrease in net profit to RM64.90 million from RM66.89 million in the same quarter of the previous fiscal year. The revenue for this quarter also dropped to RM188.42 million from RM199.85 million, attributed to lower egg selling prices during the period.

The company announced a fourth interim single-tier dividend of 2.0 sen per share, amounting to RM11.8 million. This brings the total dividends distributed for the year to RM40.1 million.

Looking ahead, Teo Seng Capital expressed optimism about its position to leverage market growth, noting that eggs continue to be a primary source of protein with rising consumption trends. The company is focusing on expanding its capacity, driven by a robust balance sheet and an emphasis on operational excellence.

Despite facing global economic challenges and inflationary pressures, the group affirmed its confidence in maintaining resilience and achieving growth in the coming periods.