Guan Chong's Net Profit Surges To RM429.2 Mln In FY2024

KUALA LUMPUR, Feb 26 (Bernama) -- Guan Chong Bhd’s net profit surged to RM429.18 million in the financial year ended Dec 31, 2024 (FY2024) compared with RM100.93 million in the preceding year partly due to higher selling prices of cocoa products.

Revenue nearly doubled to RM10.44 billion from RM5.32 billion previously, said Asia’s leading maker of cocoa-derived food ingredients in a filing with Bursa Malaysia.

The Johor-based company said that for the fourth quarter, its net profit jumped to RM212.98 million versus RM15.17 million a year earlier while revenue increased to RM3.37 billion from RM1.77 billion previously.

The group has declared a final dividend of 1.5 sen per share for FY2024 as well as a special dividend of 1.5 sen per share, bringing the total dividend for the year to four sen (FY2023: two sen).

On its prospects, Guan Chong said cocoa prices remain elevated primarily due to supply constraints, caused by adverse weather conditions.

The cocoa ingredient processor said it can pass on the higher cost of cocoa beans to customers and will continue to focus on maintaining and enhancing product margins.

“We are actively monitoring market conditions and securing a steady supply of cocoa beans to ensure uninterrupted factory operations, and diligently managing working capital to ensure sufficient funds for smooth and efficient business operations.

“Looking ahead, we will continue to focus on its core business of cocoa ingredient processing while also expanding into the higher-margin industrial chocolate market and optimising production in accordance with market conditions,” it added.

Guan Chong’s cocoa products comprise cocoa mass, cocoa butter, cocoa cake and cocoa powder. It also produces industrial chocolate products.

-- BERNAMA