Delfi - UOB Kay Hian 2023-03-01: 2022 Results Above Expectations; Expect A Strong Year Ahead

Delfi - 2022 Results Above Expectations; Expect A Strong Year Ahead

  • Delfi’s 2022 net profit of S$43.9m (+49.9% y-o-y) was above expectations, forming 125% of our full-year estimates.
  • 2022 revenue increased 19.2% y-o-y as strong sales were recorded for both its business lines during the year. At the same time, gross margin improved 1.2ppt to 30.7%, driven by good performance in the premium product category, higher sales volume and timely cost management.
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Delfi's 2022 results above expectations.

  • Delfi (SGX:P34) reported 2022 earnings of US$43.9m (+49.9% y-o-y), accounting for 125% of our full-year forecast. See
  • Delfi's announcement dated 27 Feb 2023.
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  • Gross profit margin also expanded by 1.2ppt to 30.7%, due to greater contributions from the premium product segment, higher sales volume, and management’s timely cost control measures over both ingredients and packaging costs and operating costs.

Strong double-digit growth across both business lines.

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

John Cheong UOB Kay Hian Research | Heidi Mo UOB Kay Hian | 2023-03-01

Previous report by UOB:
2023-02-17 Delfi - An Undervalued Leader In Indonesia’s Chocolate Products Market.

Price targets by 2 other brokers at Delfi Target Prices.
Listing of research reports at Delfi Analyst Reports.

Relevant links:
Delfi Share Price History,
Delfi Announcements,
Delfi Dividends & Corporate Actions,
Delfi News Articles

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