BAT Malaysia sees 14% yoy spike in net earnings for 3Q FY2024

Release time:

2024-11-08 14:46

BRITISH American Tobacco (M) Bhd, the only listed tobacco-related entity in Bursa Malaysia, has posted a 3.3% year-on-year (yoy) increase in its overall volume for the 3Q FY2024 period ended Sept 30, 2024 which enabled the group to post a 0.5% yoy rise in revenue to RM609.95 mil and 14% yoy surge in net profit to RM67.91 mil.

The growth was largely attributed to a better product mix and increased sales from vapour products which was partially offset by higher investment.

“Although gross profit margin dipped by 1.3% due to the lower margin of vapour products, operating expenses were significantly reduced by 28.9% as compared to last year given the group’s substantial investment in the launch of Vuse in Malaysia last year,” BAT Malaysia pointed out in a media statement.

“As a result, profit from operations for the quarter increased by 17.1% to RM99.5 mil from the same period last year.”

Following the improved showing, the board has declared a third interim dividend of 22 sen/share (3Q FY2023: 19 sen) amounting to RM62.8 mil which is payable on Nov 27.

“Our financial performance for 3Q FY2024 has been encouraging especially with the progress made by Vuse, the No. 1 global vaping brand, in steering the group’s growth in Malaysia,” commented BAT Malaysia’s managing director Nedal Salem.

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