- Food Empire's 3Q25 revenue up 28% y-o-y to US$153m. Revenue increased mainly due to strong growth in Russia (+49% y-o-y), Ukraine, Kazakhstan and the CIS (Commonwealth of Independent States) region (+39% y-o-y.)
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Russia, Ukraine and CIS outperform in 3Q25
- Revenue from Russia surged 49% y-o-y to US$51m while Ukraine, Kazakhstan and CIS region rose 39% y-o-y, mainly due to consumer promotions, increase in volume and prices, as well as brand investments that started in 2Q25 and an expanded distribution network.
45% increase in capacity in Vietnam by 2027
- Food Empire’s Vietnam facility currently has a production area of ~1,313 sqm.
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Another record year for Food Empire
- We expect revenue and margins to remain strong in 2H25E and Vietnam should continue to be the main growth driver for Food Empire. Margins should continue to increase as lower raw material prices gradually flow through to costs.
- With its strong pipeline of projects, Food Empire should continue to grow steadily in the coming years. A bonus share issue and special dividends may also be a possibility to improve liquidity and reward shareholders for another record year.
Maintain BUY
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