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Friday, March 29, 2024

Monde Nissin’s profit fell 61% to P3.18b last year

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Monde Nissin Corp. said Thursday net income decreased 60.5 percent last year to P3.18 billion from P8.06 billion in 2020 due to one-off items related to its initial public offering and the Arran convertible note.

The company said minus one-off items, core net income amounted to P8.2 billion on more expensive commodity prices and high operating expenses from continued investments in strategic priorities.

Consolidated revenues rose 2 percent in 2021 to P69.3 billion on the back of a 2.4-percent growth in sales of Asia-Pacific branded food and beverage business and 1.4-percent improvement in sales of meat alternative business.

“We are pleased to announce our positive consolidated growth and resilient margins, as guided in the fourth quarter of 2021, despite the various macroeconomic challenges throughout the year,” Monde Nissin chief executive Henry Soesanto said in a disclosure to the stock exchange.

“All the work initiated in 2021 has set us up for growth in 2022. We will continue to innovate for upcoming product launches, improve distribution in key channels, and market to drive more consumption moments for our products,” he said.

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APAC BFB net sales increased 2.1 percent in 2021 to P54 billion, as the international business grew 21.5 percent to P3.7 billion despite continued shipping challenges.

Domestic business inched up by 1 percent to P50.4 billion on sustained volumes for noodles and recovery in the biscuits segment in fourth quarter.

The meat alternative business under Quorn Foods posted a 3.9-percent decline in sales on lower retail sales. It said the favorable foreign exchange variance reversed this to a 1.4-percent increase in peso terms to P15.2 billion.

The share price of Monde Nissin rose by 0.60 percent Thursday to close at P13.50.

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