Condensed Consolidated Income Statements

Condensed Consolidated Statement Of Financial Position

Review of performance for the current quarter and financial period to-date

1. MPM's current quarter sales increased by 8% against the corresponding quarter mainly due to higher sales volume achieved for fishmeal, surimi and surimi-based products albeit at a lower unit price across all activities caused by weaker USD as well as weak performance reported for fishing and aquaculture activities.

   Despite improved profitability from fishmeal and surimi contributed by higher sales volume, earnings were 9% lower than the corresponding quarter mainly due to under performance of other activities as well as export margin erosion from the weakening of USD.

   Cumulative sales improved marginally mainly due to the same reason as the quarterly sales.

   Cumulative earnings decreased by 5% mainly due to the same reasons as the quarterly earnings.

2. ILF's current quarter sales increased by 14% against the corresponding quarter mainly due to substantially higher sales volume for feed raw materials trading and increase in egg production volume contributed by newly acquired Peninsular layer farm in quarter 3 FY2024 despite lower unit price for feed raw materials trading and lower egg ceiling price in Malaysia.

   Despite lower egg selling price and feed raw material trading price in Malaysia, earnings were 18% higher than the corresponding quarter mainly due to substantially higher feed raw material trading volume with stable margin, better performance of Malaysia layer operations supported by lower feed cost and egg cost subsidy as well as improved performance of Indonesia operations.

   Cumulative sales increased by 7% against the corresponding period mainly due to the same reasons as the quarterly sales.

   Cumulative earnings increased 13% against the corresponding period mainly due to the same reasons as the quarterly earnings.

3. CVS's current quarter sales increased by 10% against the corresponding quarter mainly due to net increase of 34 stores and 41 FM Mini despite marginal decline in average store sales.

   Earnings were marginally lower against the corresponding quarter mainly due to lower average store sales.

   Cumulative sales increased by 15% against the corresponding period mainly due to net increase in stores and higher average store sales during the festives and also positive impact from initial EPF Account 3 withdrawal in the first quarter.

   Cumulative earnings increased by 28% against the corresponding period mainly driven by higher average store sales in the first quarter.

4. POCE's current quarter sales were marginally higher against the corresponding quarter due to higher project progress especially solar energy project delivery reported by BM Greentech which helped to mitigate weaker performance of palm oil activities affected by lower FFB tonnage produced and processed despite higher CPO price.

   However, earnings were 75% higher than the corresponding quarter mainly due to higher margin at BM Greentech especially solar energy projects. In addition, palm oil activities reported improved margin helped by higher CPO price and favorable FX translation despite lower FFB tonnage produced and processed.

   Cumulative sales were marginally lower against the corresponding period mainly due to slower project progress at BM Greentech affected by festive holidays in first quarter as well as lower FFB tonnage produced and processed under POA.

   However, cumulative earnings were 53% higher than the corresponding period mainly due to the same reasons as the quarterly earnings.

Review of current quarter performance with the preceding quarter

1. MPM's current quarter sales increased by 17% against the preceding quarter mainly due to higher sales volume of fishmeal and surimi despite at a lower unit price. Meanwhile, surimi-based products sustained its performance with stable volume and price

   Earnings increased by 23% mainly due to improved margin from lower input cost for fishmeal and surimi despite margin erosion from weaker USD for surimi-based products export.

2. ILF's current quarter sales increased by 21% against the preceding quarter mainly due to substantially higher sales volume for feed raw material trading albeit at a lower unit price.

   Earnings improved by 31% against the preceding quarter mainly due to substantially higher sales volume with stable margin for feed raw material trading, better performance of Malaysia layer operations with lower feed cost and egg cost subsidy as well as improved performance of Indonesia and Vietnam farming operations.

3. Despite net increase of 8 stores and 13 FM Mini, CVS's current quarter sales decreased marginally against the preceding quarter mainly due to normalized average store sales from the seasonal festives demand surge as well as the positive impact of EPF Account 3 withdrawal scheme during the first quarter.

   Earnings decreased by 22% against the preceding quarter due to lower average store sales.

4. POCE's current quarter sales increased by 19% against the preceding quarter mainly due to higher project progress especially solar energy projects delivery at BM Greentech despite lower FFB tonnage produced and processed and slower CPO sales delivery at POA

   Earnings increased by 72% from the preceding quarter mainly due to overall higher project progress and improved margin from project mix at BM Greentech as well as better performance in palm oil activities helped by higher CPO price and favorable FX translation.

Prospects for the next quarter to 30st December 2024

Despite continued Middle East tension, anticipated increase in US trade protectionism policies under the incoming Trump administration, heightened US-China trade war and uncertain global economy outlook as well as weakened domestic consumer spending, the management is cautiously positive that the business performance will remain satisfactory in the coming quarter with the continued egg cost subsidy and ceiling price mechanism in Malaysia.