Apollo among top gainers, rises 6% on better 3Q results

KUALA LUMPUR (March 29): Apollo Food Holdings Bhd’s share price rose as much as 6% on Wednesday’s morning trade after announcing better quarterly results for the third quarter ended Jan 31, 2023 (3QFY2023), boosted by higher margins and sales revenue.

Shares of the confectionery maker increased 6.41% to a high of RM4.15. At 10.16am, the counter pared its gains at RM4.10 — up 20 sen or 5.13% — giving it a market capitalisation RM328 million and trading volume of 497,200.

Apollo, which was the second gainer stock on Bursa Malaysia, posted a 113% year-on-year jump in quarterly net profit for 3QFY2023 to RM10.82 million — the highest since 1QFY2016.

Quarterly revenue also climbed 31% to RM71.08 million from RM54.28 million in the same period last year, driven by higher revenue contributions from its manufacturing, marketing and distribution segment.

For the cumulative nine months (9MFY2023), Apollo’s net profit increased four-fold to RM24.84 million from RM6.14 million as revenue rose to RM196.84 million from RM130.92 million.