- Food Empire (SGX:F03) reported 2023 core earnings of US$56.5m (+25.3% y-o-y), outperforming our estimate by 5%. Record-high revenue was achieved, on increased sales volumes and ASPs in Food Empire’s core markets.
- - Read this at SGinvestors.io -
- As consumer demand remains resilient across its core markets, we raise 2023 and 2024 core earnings by 3-5%.
Record-high revenue in FY23
- Record-high revenue achieved, driven by higher volumes and ASPs across Food Empire’s core markets. Revenue grew 6.9% y-o-y to reach a record of S$425.7m, in line with our expectations.
- While revenue from Food Empire’s largest market, Russia declined 3.5% y-o-y from the currency depreciation of the Russian ruble against the US dollar, other segment revenues achieved significant growth. The Ukraine, Kazakhstan and Commonwealth of Independent States (CIS) and South-East Asia segments achieved 21.1% y-o-y and 9.6% y-o-y growth respectively, from higher volumes and ASPs in the markets which offset the depreciation of the Ukrainian hryvnia against the US dollar.
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Record-high operating profit & margin expansion.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Singapore Research Team UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-02-29
Previous report by UOB:
2023-11-10 Food Empire - Raise Target Price By 20%; 3Q23 Results Beat Expectations As Demand Still Reigns In Core Markets.
Price targets by 3 other brokers at Food Empire Target Prices.
Listing of research reports at Food Empire Analyst Reports.
Relevant links:
Food Empire Share Price History,
Food Empire Announcements,
Food Empire Dividends & Corporate Actions,
Food Empire News Articles
