APOLLO FOOD HOLDINGS BHD (APOLLO)

Apollo Food Holdings Bhd - Malaysia's Iconic Chocolate Confectionery Maker

If you grew up in Malaysia, chances are you have eaten an Apollo chocolate wafer. Since 1966, Apollo Food Holdings Bhd has been weaving itself into the fabric of Malaysian childhood memories - from school canteens to corner sundry shops across the country. That kind of brand loyalty, built over six decades, is not something money can easily buy.

Apollo Food Holdings Bhd (Stock Code: 6432) is a manufacturer, marketer and distributor of chocolate confectionery products listed on Bursa Malaysia under the Food & Beverages sector. Founded by the Foong family in Johor, the company has grown into one of Malaysia's leading chocolate confectionery producers over more than 50 years of continuous operations.

Core Products

• Chocolate Wafers - The flagship product, widely recognised across Malaysia and in export markets
• Layer Cakes (Chocolate) - Multi-layered chocolate cakes popular across all demographics
• Swiss Rolls - Soft rolled sponge cakes with chocolate filling
• Compound Chocolates - Industrial-grade compound chocolate for the food manufacturing industry

Business Structure

Apollo operates across two key segments:

1. Manufacturing, Marketing & Distribution (Core) - The primary revenue driver, accounting for over 95% of total revenues. Encompasses all production activities at the Johor manufacturing facilities through to retail distribution across Malaysia and export markets in Southeast Asia.
2. Investment Holding - A supporting segment that manages the group's assets and strategic investments.

Key Subsidiaries

• Apollo Food Industries (M) Sdn Bhd - Primary operating subsidiary handling domestic manufacturing and distribution
• Hap Huat Food Industries Sdn Bhd - Supporting subsidiary for production and distribution operations

Geographic Footprint

Malaysia remains Apollo's primary market, contributing the majority of group revenues. The company also exports to Southeast Asian markets including Singapore, Indonesia, Thailand and other Asian countries. While export revenue represents a smaller portion of total sales, it provides meaningful market diversification and reduces dependence on domestic demand cycles.

Shariah Compliant Status ✅

Apollo Food Holdings Bhd carries Shariah-compliant status as certified by the Shariah Advisory Council of the Securities Commission Malaysia. This makes it a suitable investment for Muslim investors who prioritise halal investments. All Apollo products are also halal-certified, reinforcing the brand's appeal across Malaysia's predominantly Muslim consumer base.

Route-to-Market (RTM) Transformation - Investing for the Future

Since FY2026, Apollo has been undergoing a significant overhaul of its domestic distribution system - known as the Route-to-Market (RTM) restructuring. This is a long-term investment aimed at strengthening Apollo's direct retail presence across Malaysia in a more efficient and sustainable manner.

While this transformation caused short-term pain (H1 FY2026 revenues were impacted), the company has already seen strong recovery signals beginning Q3 FY2026, with record revenue of RM89.58 million - the highest quarterly revenue in Apollo's history. Management has confirmed that 'the groundwork for the RTM transition is largely completed, with signs of stabilisation emerging.'

This transition is not merely an operational change - it is a strategic transformation positioning Apollo for stronger long-term growth.

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