- 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.
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- 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.
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