- Despite a depreciating Ruble, Food Empire (SGX:F03) reported a solid 3Q23 result with NPAT at US$15.7m, way above consensus and our estimates due to strong demand from its core markets in the CIS and Southeast Asia.
- - Read this at SGinvestors.io -
Solid 3Q23 performance
- Despite the depreciation of the Ruble which saw 3Q23 revenue drop 1.6% y-o-y to US$106.8m, NPAT outperformed at US$15.7m.
- Food Empire's 9M23 operating profit rose 55.7% y-o-y helped by a US$15m one-off property sale gain. Gross profit margin grew to 34.3% from 29.0% a year ago.
- - Read this at SGinvestors.io -
- Food Empire is on track for another record year after outperforming in FY22 despite ongoing war in its core markets. We expect strong demand and margins to continue to expand in subsequent quarters.
Healthy dividend can be expected: 4.8% FY23E yield
- Read more at SGinvestors.io.
