The group recognised a non-cash impairment of $1.2 million from its investment into Gardena Bakeries KL.

QAF Limited has reported earnings of $34.7 million for the FY2024 ended Dec 31, 2024, up 26% y-o-y. However, for the 2HFY2024 period, the group saw a 2% y-o-y decline to $22.2 million. 

The group’s earnings per share for the FY2024 came in at 6 cents per ordinary share. 

Revenue for the FY2024 grew a marginal 1% y-o-y to $636.1 million, while revenue for the 2HFY2024 saw no change at $326.9 million. 

The group’s principal activities include the manufacturing and distribution of bread and confectionery products; provision for warehousing logistics for food items; trading and distribution of food and beverages.

Cash and cash equivalents for the group decreased to $209.4 million as at end of FY2024.

For FY2024, the group recognised a non-cash impairment of $1.2 million from the recoverable amount of its investment into Gardena Bakeries KL (GBKL). This resulted in other income including interest income increasing by 32% to $9.4 million in FY2024. 

The group’s bakery segment sales are relatively flat at $456 million for FY2024. The group’s Malaysian bakery factory sales increased by $8.3 million for the FY2024, but was partially offset by challenges faced by the bakery operations in the Philippines amid high food inflation and a record string of typhoons in November 2024 which negatively impacted the demand for bread.

The group’s non-cash impairment of its investment in GBKL saw an increase due to a moderation of raw materials costs and operating overheads, as well as receipt of insurance claims for consequential loss in relation to the December 2021 flooding in Peninsular Malaysia. 

For the group’s distribution and warehousing segment, it recorded a higher ebitda due to higher sales, partially offset by higher operating costs in logistics and storage. 

For the FY2024, QAF is proposing a final dividend of 4 cents per ordinary share. 

Shares in QAF Limited Q01 closed 0.5 cents lower or 0.585% down at 85 cents on Feb 21.