• Consolidated revenues rose 2.8 percent to P20.9 billion in the first quarter.
• Branded food and beverage sales in Asia-Pacific hit P17.6 billion, up 4.1 percent.
• Domestic sales climbed 4.3 percent, led by biscuits, culinary goods, and cakes.
• Gross profit inched up to P7.3 billion, but margins narrowed to 34.9 percent.
Management’s view
“Our APAC BFB business delivered modest top-line growth for the first quarter, driven by volume growth in biscuits, culinary, and packaged cakes,” Monde Nissin CEO Henry Soesanto said on Wednesday.
“[First quarter] gross margin in line with full year 2024 gross margin. We reiterate our full year guidance for 2025 of mid-single-digit revenue growth and gross margin to be broadly in line with last year,” he added.
Signs recovery for Quorn
Meanwhile, its meat alternative unit, which includes the UK-based Quorn Foods, saw revenue fall 3.8 percent, but gross profit jumped 10.8 percent as cost reductions and supply chain improvements took hold.
Gross margin in this segment rose over 300 basis points to 23 percent.
“While it is still a bit early, we are seeing encouraging progress in our Meat Alternative business with gross margin improving over 300 bps in the first quarter,” Soesanto said.
“We achieved positive EBITDA by continuously focusing on cost reduction and efficiency improvement, and we are performing in line with the expectations of the latest Meat alternative valuation.”
