- Food Empire (SGX:F03) reported a record revenue of US$425.7mil for FY23, up 6.9% y-o-y, due mainly to higher volume and higher pricing from all the group’s core markets. The company saw a significant increase in revenue in Ukraine, Kazakhstan and CIS, and South Asia, attributed to higher contributions from the group’s coffee manufacturing plants in these markets.
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- Food Empire also recorded an exchange loss of US$1.6mil in FY23, compared to an exchange gain of US$3.2mil in FY22.
- All core markets saw higher revenue in local currency terms, including Russia, which reported a lower revenue after foreign exchange.
Record FY23 earnings showcase strong consumer demand.
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- Russia saw a slight decline in revenue mainly due to the continued depreciation of the Russian Ruble against the US dollar.
Special dividend.
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Tang Kai Jie KGI Securities Research | https://www.kgieworld.sg/ 2024-03-06
Read also KGI's most recent report:
2024-08-23 Food Empire - More Capacity, More Growth.
Previous report by KGI:
2024-05-16 Food Empire - More Production On The Way.
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
