- Food Empire (SGX:F03)'s 9M23 net profit was impacted by foreign exchange loss of US$1.4m. Excluding the foreign exchange loss, net profit would have been higher at US$43.7m (instead of US$42.3m).
9M23 performance in line with expectations
- - Read this at SGinvestors.io -
- 9M23 net profit was also deemed in line, at 82%/84% of our/Bloomberg consensus’ FY23F forecasts.
- Given the higher unit volume sold and higher average selling prices, 9M23 gross profit margin improved by 5.6% points to 34.8% (from 29.2% in 9M22).
- As at end-Sep 23, Food Empire’s net cash was US$115.6m.
Outlook remains positive
- - Read this at SGinvestors.io -
- In its 9M23 business update, Food Empire commented that it will continue to grow its presence in Vietnam with targeted advertising and promotions.
- Read more at SGinvestors.io.
