- Excluding forex impact, Indonesia’s sales fell y-o-y due to lower demand and a 3Q23 agency brand termination. The outlook remains challenging with high cocoa prices and Indonesia’s shrinking middle class.
Revenue in line with expectations, margin pressures continue.
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- 3Q24 EBITDA slumped to US$9m (-32% y-o-y), with 9M24 EBITDA only making up 61% of our full-year forecast as a result of higher promotional spending.
- Together with the impact of high cocoa prices, both Delfi's gross and EBITDA margins saw q-o-q and y-o-y declines during the period.
Significant impact from weak IDR/US$.
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Weaker y-o-y sales in Indonesia, other markets saw growth.
- Excluding forex impact, Indonesia’s 3Q24 sales fell 5% y-o-y due to lower consumer demand and 3Q23 agency brand termination, partially offset by higher promotion spending.
- On the same basis, 3Q24 sales in regional markets improved 3% y-o-y, on the back of better agency brand sales in Malaysia and the Philippines.
- On a q-o-q basis, both segments saw sales increase in line with higher promotional spending, as indicated by a q-o-q fall in EBITDA.
Strain on Indonesia’s middle class dims demand outlook...
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