- Food Empire’s 1H23 net profit of US$26.6m (-1.6% y-o-y) is in line with expectations, forming 54% of our full-year estimate. Revenue from its core markets recorded impressive double-digit growth due to higher volumes and pricing, partially offset by unfavourable exchange rates and negative contribution from associates.
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Results in line with expectations; growth negated by currency headwinds.
- Food Empire (SGX:F03) reported net profit of US$26.6m (-1.6% y-o-y) for 1H23, accounting for 54% of our full-year forecast.
- The fall in net profit is largely attributable to currency fluctuations (1H23: US$1.1m forex loss; 1H22: US$7.3m forex gain), as well as negative contribution from associates (1H23: US$0.1m loss; 1H22: US$4.0m profit).
- - Read this at SGinvestors.io -
Top-line growth across core markets.
- Food Empire's revenue for 1H23 grew 11.8% y-o-y as a result of higher volumes and pricing across most markets, contributing to gross margin expansion (+5.8ppt y-o-y).
- Food Empire’s three largest markets reported encouraging double-digit sales growth during the period.
- Read more at SGinvestors.io.
