MONDE Nissin Corp. saw its net income for the first quarter grow by 79.9% to P3.48 billion from P1.94 billion last year, the listed food and beverage manufacturer said.
“The first quarter saw significant expansion in gross margin and overall profitability driven by our APAC-BFB (Asia-Pacific branded food and beverage) business. This was despite top line growth being moderated during the quarter, partially due to the timing of the Holy Week holiday here in the Philippines,” Monde Nissin Chief Executive Officer Henry Soesanto said in a statement on Wednesday.
“Our APAC-BFB margins and profitability have substantially rebounded from last year’s levels, and we believe, given current conditions, that the second quarter will continue to reflect these improvements,” he added.
First-quarter consolidated comparable revenue rose by 2.1% to P20.3 billion despite the fewer selling days due to the Holy Week break, Monde Nissin said in a stock exchange disclosure.
Gross profit climbed by 20.9% to P7.2 billion. Core attributable net income went up by 53.4% to P2.9 billion.
Revenue of the company’s APAC-BFB improved by 2.2% to P16.9 billion, while domestic business revenue rose by 2% to P15.8 billion, impacted by fewer selling days due to the timing of the Holy Week holiday in the Philippines.
For its alternative meat segment led by Quorn Foods, Monde Nissin saw a 2.7% drop in revenue to P3.4 billion due to “continued category softness.”
“For our meat alternative business, we remain vigilant, minimizing costs and looking for efficiencies with the goal of remaining earnings before interest, taxes, depreciation, and amortization flat or better for the year,” Mr. Soesanto said.
The United Kingdom market fell by 2.8% on a comparable and constant currency basis in the first quarter due to the challenging retail market while the foodservice revenue grew by 14.5%.
On Thursday, Monde Nissin stocks gained by 4.65% or 52 centavos to P11.70 per share. — Revin Mikhael D. Ochave