Monde Nissin Corp. said Wednesday it expects its core net income to increase by over 25 percent this year after registering strong fourth-quarter results.
The company’s full-year revenues are also expected to grow over 3 percent on the back strong sales from food and beverage business, it said in a disclosure to the stock exchange.
Monde Nissin said preliminary figures showed that for the fourth quarter of fiscal year 2024, it booked record-high revenues for both the quarter and the full year.
“I am pleased to announce that our preliminary fourth quarter results reflect sustained momentum from the third quarter, driven by our APAC BFB [Asia-Pacific branded food and beverage] business. This has resulted in record-high revenues for both the quarter and the year,” said Monde Nissin chief executive Henry Soesanto.
The APAC BFB business saw revenue grow by over 8 percent year-on-year and more than 4 percent from the previous quarter.
The growth in branded food and beverage business was driven by volume growth across all categories, with contributions from both domestic and international markets.
Market share in noodles increased by 140 basis points to 68.7 percent in value and by 150 basis points to 74 percent in volume in the fourth quarter of 2024.
Gross margin rose by over 100 basis points year-on-year in the fourth quarter.
The company’s meat alternative business is expected to experience a mid-teens percent sales decline year-on-year in the fourth quarter due to fewer selling weeks compared to last year
Despite these challenges, Monde Nissin expects positive consolidated net income after tax for the full year.
It also anticipates an impairment charge for the meat alternative business, estimated between GBP80 million and GBP100 million, which is lower than last year’s impairment.
Monde Nissin expects to have enough retained earnings to declare dividends, subject to board approval.