PETALING JAYA: Carlsberg Brewery Malaysia Bhd’s net profit for the second quarter ended June 30, 2022 (Q2’22) more than doubled to RM88.95 million from RM37.14 million in the same quarter last year mainly contributed by its Sri Lanka-based associate company Lion Brewery (Ceylon) PLC that registered a share of profit of RM1.4 million.
However, this was a lower share of profit for Lion Brewery, compared with a share of profit of RM2.7 million in Q2’21, due to a one-off surcharge tax expense of RM3.7 million. In the current economic crisis and uncertainty, the group will continue to closely monitor the developments in Sri Lanka.
The group’s Q2’22 revenue grew 64.4% to RM574.23 million from RM349.21 million in the same corresponding period last year as Malaysia’s revenue grew 76.1% to RM429.0 million and Singapore’s revenue grew 37.5% to RM145.2 million.
Carlsberg’s sales recovered from the disruptions experienced last year when the group’s Malaysia operations were suspended for 75 days from May 12, 2021 until Aug 15, 2021. In the domestic market, the group saw an increase in sales in June as customers increased their purchases ahead of the price adjustment from July 1, 2022.
In Singapore, the lifting of dine-in restrictions, coupled with the easing of Singapore-Malaysia border restrictions on April 1, 2022 led to the recovery in on-trade consumption.
For the first half of the year (H1’22), the group’s net profit rose 74.3% to RM180.53 million from RM103.59 million in H1’21 as Lion Brewery registered a share of profit of RM8.2 million, which was higher than RM6.6 million in H1’21.
Revenue grew 39.4% to RM1.23 billion from RM881.20 million in the same period last year as Malaysia’s revenue grew 47.2% to RM883.2 million from RM600.2 million last year and Singapore’s revenue grew 22.7% to RM344.9 million from RM281.0 million last year.
Carlsberg announced a second interim dividend of 22 sen per share, bringing the total dividend for the year to 44 sen per share.
The effects of the one-off prosperity tax (Cukai Makmur) announced in the 2022 Budget, which impacted the group’s earnings in Q2’22, will continue to be felt in the remaining quarters of this financial year.
On prospects, managing director Stefano Clini said the group remains cautious due to the ongoing disruptions in the global supply chain and escalating commodity prices, which have been further exacerbated by the Ukraine Russia crisis. Clini also noted that the rising global inflationary pressures will affect consumer sentiment and their disposable income.
