Between Sep 29 and 30, JB Foods : BEW -2% CEO Tey How Keong acquired 113,400 shares at an average price of 49.6 cents per share. With a consideration of S$56,265, this increased his total interest in the global cocoa ingredient producer from 46.84 per cent to 46.88 per cent. Tey was appointed to the Board in January 2012 and is responsible for the overall strategic, management and business development of the Group. Tey has over 25 years of experience in the cocoa business. He started his career in the cocoa business in November 1988 as sales manager of JB Cocoa Group Sdn Bhd. In August 1989, he was appointed as a director of Guan Chong Cocoa Manufacturer Sdn Bhd, a position which he remained in until October 2003 and played an active role in setting up its cocoa processing plant in Pasir Gudang.

 

On May 13, JB Foods : BEW 0% executive director Goh Lee Beng acquired 192,000 shares of the listed company for a consideration of S$95,040. At 49.5 cents per share, this took Goh&rsquo s total interest from 1.59 per cent to 1.65 per cent. JB Cocoa Group Sdn Bhd also maintains a 45.52 per cent interest in JB Foods, of which Goh has a deemed interest. This brings her total interest in JB foods to 47.17 per cent.

 

With over 25 years of experience in the cocoa business, she is responsible for procurement of raw materials and managing the cocoa trading positions, which includes sourcing of cocoa beans and cocoa ingredients, managing the group&rsquo s cocoa hedging book, monitoring world cocoa trends, and marketing of cocoa butter.

 

On May 9, JB Foods : BEW 0% executive director and CEO Tey How Keong acquired 97,000 shares of the company for a consideration of S$48,015. At 49.5 cents per share, this increased his total interest in JB Foods from 46.81 per cent to 46.84 per cent. This followed his acquisitions of 82,000 shares at 49.0 cents per share on Apr 29, 29,600 shares at 47.3 cents per share on Mar 23 and 400,000 shares at 52.0 cents per share on Dec 27. JB Foods core business is in the production and sale of cocoa ingredient products, with Tey responsible for the overall strategic, management and business development of the group. He has over 25 years of experience in the cocoa business.

 

On Apr 29, JB Foods : BEW 0% executive director and CEO Tey How Keong acquired 82,000 shares of the company for a consideration of S$40,180.

 

At 49.0 cents per share, this increased his total interest in JB Foods from 46.78 per cent to 46.81 per cent.

 

This followed his acquisition of 29,600 shares at 47.3 cents per share on Mar 23 and 400,000 shares at 52.0 cents per share on Dec 27.

 

JB Foods core business is in the production and sale of cocoa ingredient products, namely cocoa mass, cocoa butter and cocoa powder.

 

Tey is responsible for the overall strategic, management and business development of the group and has over 25 years of experience in the cocoa business.

 

He recently noted that while recent price volatility in cocoa has put pressure on the group to carefully manage its pricing strategy and the pace of expansion, investment and the ramp up of manufacturing capacity, the easing of travel restrictions around the world will continue to fuel stable growth of the cocoa and chocolate industry.

 

Tey added that the group remains optimistic that the overall cocoa consumption environment will continue on its growth trajectory post-pandemic.

JB FOODS JB Foods: BEW 0% on Wednesday (Mar 16) said that it expects its business in Russia to be negatively impacted in the short term due to various factors such as the massive devaluation of the Russian rouble and supply chain disruption from the ongoing conflict.

 

The company, however, noted that it operates in the food and beverage sector, which is considered an essential industry and is not impacted by the current raft of sanctions that is sweeping across Russia, and is hence unlikely to face any immediate demand destruction.

 

Over in Ukraine, JB Foods said its exposure to outstanding receivables there is not expected to have a significant impact on its financial performance. However, in light of the uncertain environment, the company has temporarily halted sales-related activities due to massive damage to public infrastructure and disruptions to its supply chain.

 

JB Foods revealed that Russia and Ukraine jointly accounted for about 17 per cent of its revenue in 2021. The company does not have any physical assets in either country.

 

For the year 2022 and based on actual shipments delivered to-date and forward orders on hand, the company estimated that the revenue contribution from both countries is expected to be around 10 per cent. Of this, the remaining undelivered contracts for 2022 stand at about 7 per cent of the group' s revenue target for the year.

 

Singapore' s sanctions on Russia should not have any direct financial impact on JB Foods as these sanctions cover the financial measures targeting Russian banks, entities and activities in Russia, as well as export controls measures covering electronics, computers and defence-related equipment, said the company.

 

The company also confirmed that it has put in place adequate and effective internal controls to monitor, address and mitigate sanctions-related risks, barring any unforeseen turn of events in the volatile and constantly evolving situation.

 

" The group is actively assessing the conflict situation in Russia and Ukraine, and would continue to exercise caution, as well as adopt remedial measures to mitigate its impact," added the firm.

 

Between March 5 and 9, JB Foods non-independent, non-executive director and vice-chairman Sam Goi Seng Hui acquired 24,200 shares of the listed company for a consideration of S$14,545.

 

At an average price of 60.1 cents per share, this marginally increased Mr Goi' s total interest in the major cocoa ingredients producer from 24.35 per cent to 24.36 per cent.

 

The transactions closely followed Mr Goi' s acquisition of 222,700 at 59.4 cents per share between March 1 and 2.

 

JB Foods, a cocoa ingredients producer, has reported FY2020 revenue of $417.8 million, up 18.5% over FY2019, to thanks to higher selling prices and higher volumes shipped.

However, it incurred higher shipping and storage costs in 4QFY2020. Coupled with higher depreciation costs from new production capacity, higher payroll, and other administrative expenses resulted in lower earnings for FY2020.

 

For the year ended Dec 31 2020, its earnings dropped 26.3% y-o-y to $19.3 million.

Tey How Keong, CEO of JB Foods, calls 2020 a challenging year, as the overall market consumption and demand and supply chains were disrupted by the pandemic. 

 

&ldquo However, I am glad to see that the group&rsquo s revenue crossing US$400million milestone, and registered a revenue growth of 18.5% year-on-year leveraging from the customer&rsquo s orders secured when we increased our factory processing capacity in year 2019,&rdquo he says.

 

The company plans to pay a final dividend of 1.5 cents, which is on top of 0.5 cents already paid earlier. 

 

JB Foods expects customer sentiments to remain cautious and thus, it will be &ldquo prudent&rdquo in executing its strategy. 

 

&ldquo However, the group believes the cocoa consumption environment will continue to be supported by the recovery of the economy after the Covid-19 pandemic and the growing middle-income classes over the long term,&rdquo the company adds.

 

On Sept 16, JB Foods non-independent, non-executive director and vice- chairman Sam Goi Seng Hui acquired 286,000 shares of the listed company for a consideration of S$157,300.

 

At a price of 55.00 cents per share, this increased his total interest in JB Foods from 24.14 per cent to 24.23 per cent.

 

Mr Goi is also the executive chairman of global food and beverage group Tee Yih Jia Group, and GSH Corporation, a regional developer of premium residential and commercial properties, in addition to vice-chairman of Envictus International Holdings.

 

On Sept 11, JB Foods executive director and CEO Tey How Keong acquired 200,000 shares for a consideration of S$108,000 at a price of 54.00 cents per share.

 

This took his total interest in JB Foods from 46.41 per cent to 46.47 per cent.

 

Mr Tey has over 25 years of experience in the cocoa business and is responsible for the overall strategic, management and business development of the group.

 

Between July 22 and 23, JB Foods non-independent, non-executive director and vice-chairman Sam Goi Seng Hui acquired 100,300 shares of the cocoa ingredient producer and seller for a total consideration of S$55,124.

 

At an average price of 54.96 cents per share, this increased his total interest in JB Foods from 24.11 per cent to 24.14 per cent.

 

This followed his acquisitions of 191,000 shares at 54.91 cents per share between July 1 and 2 and 30,000 shares between June 23 and 25 at 50 cents per share.

 

Mr Goi is also the executive chairman of global food and beverage group Tee Yih Jia Group, and GSH Corporation, a regional developer of premium residential and commercial properties, in addition to being vice-chairman of Envictus International Holdings.

 

Between July 1 and July 2, JB Foods non-independent, non-executive director and vice chairman Sam Goi Seng Hui acquired 191,000 shares of the listed company for a consideration of S$104,868. At an average price of 54.91 cents per share, this increased Mr Goi' s total interest in JB Foods from 24.05 per cent to 24.11 per cent. This followed his acquisitions between June 23 and June 25 at 50 cents per share.

 

Mr Goi is also the executive chairman of global food and beverage group Tee Yih Jia Group and GSH Corporation, a regional developer of premium residential and commercial properties, in addition to vice chairman of Envictus International Holdings.

 

On June 25, JB Foods non-independent, non-executive director and vice- chairman Sam Goi Seng Hui acquired 29,100 shares of the listed company for a consideration of S$14,550. At 50 cents per share this increased his total interest in JB Foods from 24.04 per cent to 24.05 per cent.

 

This followed a similar sized acquisition between June 23 and 24, also at 50 cents per share. Mr Goi is also the executive chairman of global food and beverage group Tee Yih Jia Group.

 

Between June 23 and 24, JB Foods non-independent, non-executive director and vice-chairman Sam Goi Seng Hui acquired 30,000 shares of the listed company for a consideration of S$15,000. At 50 cents per share this increased his total interest in JB Foods from 24.02 per cent to 24.04 per cent.

 

Mr Goi is also the executive chairman of global food and beverage group Tee Yih Jia Group, and GSH Corporation, a regional developer of premium residential and commercial properties, in addition to being vice-chairman of Envictus International Holdings.