Consumer product companies still see opportunities to grow
PETALING JAYA: Consumer products and services companies see opportunities to grow their revenue amid prevailing business challenges.
Pensonic Holdings Bhd group executive chairman Datuk Seri Chew Weng Khak said the incorporation of digitalisation, automation and competitive products will be inevitable for profitable growth.
“Every manufacturing and business process is continually evaluated for efficacy and efficiency, as this contributes to lower costs, more sales and greater stakeholders’ support.
“Being functional alone is not enough, consumers want innovative, environmentally friendly, affordable and attractive products that look great in their living space,” he said in the company’s annual report.
Chew noted that the average consumer is looking for practical and affordable home solutions to enhance and contribute to greater convenience and comfort for their family and friends.
He said the company continuously improves its offering to meet the needs of different consumer segments.
“More than ever, now consumers have quick access to knowledge and therefore have greater expectations of what they want or need.
“Our in-house research and development team is working on creating more customer-centric and attractive products that meet the different needs of our various consumer segments.”
Chew said there is always opportunity for improvements.
“We looked inwards to strengthen our internal capabilities through lean inventory management, development of a robust plan for business needs as well as analyse and restructure certain business and manufacturing processes to increase efficiency and optimise capacity.
“We also leveraged on technology through software and hardware investment, as well as providing training and development for all levels of employees to capitalise on our technology investment to propel the group forward.”
He said Pensonic will redouble its efforts to adapt quickly to the rapidly changing economic landscape and focus on value-added appliances and activities for its consumers.
Meanwhile, Kamdar (M) Group Bhd in a statement on its annual report said it will continue to exercise financial prudence and tighten operating costs to maximise shareholder value.
“The financial year 2023 has proven to be a challenging year for us. As we transitioned toward the endemic phase and economic activities continue to normalise, the lower demand for clothing, lower selling prices versus higher costs and stiff competition has resulted in reduced income.
“Nevertheless, despite facing an ongoing volatile and uncertain business landscape, we managed to overcome these hurdles by tapping into our robust fundamentals and sturdy balance sheet.”
Moving forward, Kamdar said it will continue to seek opportunities to drive the business forward with its diversified range of products and services.
The group said it will do this by leveraging on its strong track record and capabilities that it had built over the years, to ensure the viability of the business.
“We will continue to pursue value creation, business sustainability and growth strategies on all business segments of the group,” it said.
Meanwhile, Cheetah Holdings Bhd in its annual report said it expects the outlook for the group to remain challenging due to the volatility of the global economy, fluctuations in interest rates and increase in operating cost such as costs of raw materials, labour and freight charges.
“Amid this challenging business environment, the management would continue to explore opportunities to keep its branding and collection afresh to appeal to its target customers.”