Monde Nissin Corp. said preliminary figures of its performance last year point to a 25-percent growth in core profit for the full year.
Monde Nissin did not provide a comparative figure in its regulatory filing but records show that it closed 2023 with a core profit of P7.6 billion, up 15.5 percent from P6.58 billion the year before.
For the same period, the company reported a loss of P626.58 million, down significantly from P13.01 billion losses in 2022. Sales meanwhile improved by 8.51 percent at P80.17 billion from P73.88 billion.
“For the full year, we anticipate consolidated sales growth to exceed 3 percent year-on-year on a comparable basis, along with consolidated gross margin expansion of over 350 bps (basis points), driven by strong gross margin growth in the APAC BFB (Asia Pacific branded food and beverage) segment of over 400 bps,” the company said.
Monde Nissin said it expects earnings before interest, taxes, depreciation and amortization of its meat alternative business to be neutral.
“I am pleased to announce that our preliminary fourth quarter results reflect sustained momentum from the third quarter, driven by our APAC BFB business. This has resulted in record-high revenues for both the quarter and the year,” said Henry Soesanto, Monde Nissin chief executive officer.
For the fourth quarter alone, Monde Nissin said its APAC BFB business posted an 8 percent revenue growth in an annual basis, and a 4 percent uptick sequentially, reaching the upper end of guidance.
This was driven by volume growth across all categories, with contributions from both domestic and international markets, it added.
The company also noted an increase in market share in the noodles category by 140 bps to 68.7 percent in value and by 150 bps to 74.0 percent in volume over the past 12-week period ending December 2024.
“We observed a gross margin expansion of over 100 bps year-over-year in the fourth quarter, the company said.
