KUALA LUMPUR (March 7): Teo Seng Capital Bhd on Thursday declared non-cash dividend as its fourth interim dividend following the poultry company's record-high earnings in the year ended Dec 31, 2023.

The dividend-in-specie will be in the form of treasury shares of the company, distributed on the basis of one share dividend for every 67 Teo Seng shares held by shareholders, according to an exchange filing.

The ex-date will be on March 27, while the entitlement date will be on March 29, the same date that the shares dividend will be transferred to shareholders. The shares will be credited on April 15.

Teo Seng had on Jan 18 declared a third dividend of three sen per share, bringing total cash dividend to eight sen per share for FY2023.

For FY2023, the company reported a sevenfold jump in net profit of RM155.8 million from the RM21.64 million it made in FY2022, as it sold more eggs at better prices and received subsidies from the government.

Cumulative revenue for FY2023 rose 16.72% to RM760.98 million from RM651.97 million. Earnings per share jumped to 22.8 sen from 4.43 sen.

Shares in Teo Seng were down three sen or 1.51% to RM1.96 at Thursday's noon break, giving the group a market capitalisation of RM588.02 million. However, the counter has risen 22.5%, or 36 sen, year to date.

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