- Food Empire delivered a strong core 1H25 with PATMI surging 35.7% y-o-y to US$31.5m, in line with our estimates. Gross profit margin improved to 32.9% from 30.0% in 1H24 due to lower raw material prices and price hikes. We expect margins to improve as price hike adjustments continue to kick in.
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Vietnam – the main driver.
- Southeast Asia (SEA) segment revenue grew 25.3% y-o-y to US$77.5m in 1H25, driven by its fasting-growing Vietnam market where revenue surged 36.6% y-o-y and formed more than 60% of SEA revenue. This was mainly due to higher sales volume and prices, supported by ongoing marketing and promotional campaigns and an enhanced sales force.
Russia and CIS also performed well.
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2H25 likely to remain strong on robust pipeline.
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