- Delfi’s 9M23 profit of US$32.8m (+22.1% y-o-y) was in line with expectations, forming 69.8% of our full-year forecast. The strong 15.2% y-o-y revenue growth was supported by double-digit growth in both Indonesia’s and regional markets’ sales.
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3Q23 results in line with expectations.
- Delfi (SGX:P34) reported 9M23 revenue and PATMI of US$412.6m (+15.2% y-o-y) and US$32.8m (+22.1% y-o-y) respectively, accounting for 79.7% and 69.8% of our full-year forecasts respectively. This is in line with our expectation as 1Q and 4Q are typically better-performing periods in preparation for festivities such as Valentines’ Day and Lebaran.
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Strong consumer demand persists.
- Nonetheless, 3Q23 was still a robust quarter where revenue (+12.9% y-o-y), gross profit (+12.1% y-o-y) and PATMI (+1.8% y-o-y) improved y-o-y, backed by strong consumer demand.
- Amid management’s investments into building the brands, 3Q23 EBITDA declined by 6.3% y-o-y as a result of higher selling and distribution expenses. Gross margin also contracted marginally to 29.5%, on the back of higher input costs that were largely mitigated by management’s strategic pricing, cost efficiencies and a favourable sales mix.
Healthy cash balance with solid operating cash flow.
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