QAF (Q01) H1 2024 earnings summary

Executive summary

• H1 revenue rose 3% YoY to $309.2m; profit after tax increased 150% to $12.4m and profit attributable to owners rose 154% to $12.5m.

• Adjusted PBT, excluding exceptional items and the GBKL impairment, increased 41% to $18.0m, reflecting factory production recovery, higher sales and interest income, and lower FX losses.

Financial highlights

• Revenue was $309.2m, up 3% YoY; operating profit increased 28% to $18.8m and PBT rose 52% to $16.8m.

• PAT was $12.4m versus $5.0m; PAT attributable to owners was $12.5m versus $4.9m.

• EBITDA before exceptional items increased 113% to $27.9m from $13.1m.

• 1H 2023 included $7.5m of interim insurance payments for flood damage; 1H 2024 had no corresponding exceptional item.

Outlook and guidance

• Plans focus on expanding channels, developing products, adjusting product mix, growing trading in long-shelf-life consumer products and pursuing opportunities in new regions, including through e-commerce.

• Remaining insurance claims related to the December 2021 Malaysian factory floods are being finalised; confidence in resilience is supported by cash reserves and the balance sheet.

• An interim cash dividend of 1 cent per ordinary share was declared, tax-exempt under the one-tier system.