KUALA LUMPUR (May 26): CCK Consolidated Holdings Bhd’s net profit in the first quarter ended March 31 (1QFY22) leapt by 83.68% to RM11.13 million from RM6.06 million in the same period last year, fuelled by turnaround in the poultry segment and a strong performance from the retail segment.

Earnings per share rose to 1.78 sen from 0.97 sen, its Bursa Malaysia filing showed on Thursday (May 26). 

Quarterly revenue increased by 20.63% to RM197.43 million against RM163.67 million, due to a recovery in consumer demand leading to a stronger performance in the poultry and retail segments. 

On a quarterly basis, the group’s net profit surged by 55.25% from RM7.17 million registered in the immediate preceding quarter (4QFY21), while revenue came in higher by 5.20% from RM187.67 million in 4QFY21. 

Commenting on the group’s financial performance, CCK Group Managing Director Tiong Chiong Hiiung said robust consumer demand led to strong recovery in demand for poultry products, whilst the reopening of food and beverage outlets in Sarawak boosted wholesale volumes.

“That said, the weakening of the ringgit and ongoing trends in commodity prices continue to be causes of concern. 

“This is why the robustness of our retail segment continues to anchor the group, even in such challenging times. 

“Additionally, our vertically integrated business model allows us to remain cost efficient and competitive,” he said. 

During the recent quarters, the group opened one CCKLocal supermarket and three CCK Fresh Mart retail stores. 

Cumulatively, the group has 72 stores throughout East Malaysia. 

Shares in CCK ended five sen or 0.87% lower to 57 sen on Thursday, giving it a market capitalisation of RM362.66 million.