- Food Empire (SGX:F03) reported a 2025 PATMI of US$36.0m, due to a one-off, non-cash fair value loss of US$32.6m on redeemable exchangeable notes (REN). Excluding this item, core PATMI surged 38% y-o-y to US$68.6m, beating our full-year forecast by 15%. This was driven by a strong 21% y-o-y revenue growth, and gross margin expansion across most core segments.
Double-digit revenue growth led by Russia.
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- Russia posted the fastest growth at 35% y-o-y to US$191m, supported by a 10% appreciation of the Russian ruble against the US dollar. Russia currently is the largest contributor to Food Empire’s total revenue at 33%.
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- South Asia and Southeast Asia grew 16% and 14% y-o-y, respectively, driven by stronger market engagement, with Southeast Asia contributing 26% of total revenue.
- Europe rose 7.6%, while other markets declined 5%.
Strong dividends indicate confidence.
- Read more at SGinvestors.io.
