Delfi - UOB Kay Hian 2023-03-01: 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.
• - Read this at SGinvestors.io -

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.
• - Read this at SGinvestors.io -
• 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.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-12-10 Delfi - Cocoa Prices Dip, But Still No Sweet Relief.

Previous report by UOB:
2025-03-11 Delfi - 2024 Earnings Miss; Elevated Cocoa Prices Expected To Drag On Growth In 2025.

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Relevant links:
Delfi Share Price History,
Delfi Announcements,
Delfi Dividend Payout Dates & Corporate Actions,
Delfi News