3 weeks ago
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Richmond Mercurio - The Philippine Star
February 23, 2025 | 12:00am
Monde Nissin Corp. in Sta. Rosa, Laguna
Philstar.com / Irra Lising
MANILA, Philippines — Snack food giant Monde Nissin Corp. sees its full-year 2024 earnings rising by more than a quarter, driven by record-high revenues.
Monde said the company expects its consolidated core net income to grow by over 25 percent in 2024, with consolidated sales growth seen to exceed three percent year-on-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,” Monde CEO Henry Soesanto said.
Monde’s core net income attributable to shareholders for the first three quarters of 2024 surged by 31 percent to P7.5 billion due to record core net income in the APAC branded food and beverage business of P8.1 billion.
The company has yet to release its full-year 2024 performance. Still, based on preliminary unaudited financial results, Monde said that the APAC BFB business recorded strong revenue growth in the fourth quarter, up over eight percent year-on-year and more than four percent sequentially.
The company attributed the increase to volume growth across all categories, with contributions from both domestic and international markets.
Monde said that its market share in the noodles category improved by 140 basis points to 68.7 percent in value and by 150 bps to 74 percent in volume over the past 12-week period ending December 2024.
However, the company said that its meat alternative business continues to operate in a challenging environment, with a mid-teens sales decline expected year-on-year on a constant currency and comparable basis for the fourth quarter, partly due to fewer selling weeks.
“We expect to achieve positive EBITDA in the fourth quarter despite the ongoing topline weakness,” it said.
Monde said the annual impairment test for its meat alternative business indicates a significant impairment charge this year, estimated between GBP80 million and GBP100 million.
Although substantial, the company said that the figure is notably lower year-on-year.
Additionally, due to unfavorable changes in volatility, interest rates and stock prices, we anticipate a material mark-to-market loss on the fair value of our guaranty asset, Monde said.
Despite these challenges, both the impairment and the mark-to-market loss, we expect our consolidated reported net income after tax to return to positive territory for the full year, it said.
Monde Nissin also expects sufficient retained earnings, providing flexibility to declare dividends subject to board approval.
A global food and beverage company headquartered in the Philippines, Monde Nissin is behind iconic and market-leading brands across fast-growing categories, including Lucky Me! noodles, SkyFlakes crackers, Fita crackers, Monde baked goods and Quorn meat alternative products.
