However, its meat alternative business remained weak, with fourth-quarter sales dropping by mid-teens percentages due to lower demand and fewer selling weeks, the company announced on Wednesday, citing preliminary results.
The segment took another hit in its value to the tune of GBP 80 million to GBP 100 million, which was lower than the past year.
Asia Pacific BFB sales rose over 8 percent year-on-year and more than 4 percent sequentially. Full-year sales grew over 3 percent, while gross margins improved by over 350 basis points, led by APAC BFB’s 400 basis-point gain.
“I am pleased to announce that our preliminary fourth quarter results reflect sustained momentum from the third quarter, driven by our [Asia Pacific] BFB business,” Monde Nissin CEO Henry Soesanto said in a statement.
“This has resulted in record-high revenues for both the quarter and the year,” he added.
Monde Nissin also strengthened its noodles market share, reaching 68.7 percent in value and 74 percent in volume, which helped expand gross margins by over 100 basis points in the fourth quarter.
Despite the drag from its meat alternative business, Monde Nissin expects core net income to rise over 25 percent. Market swings and interest rate changes led to losses on a financial asset, adding pressure, but the company still projects a return to profit for the full year.
