The maker of Lucky Me! instant noodles and plant-based meat sold under the Quorn brand said revenues expanded by 3.1 percent, reaching P40.1 billion during the first six months of the year.
Gross profit saw a significant rise of 19 percent to P13.9 billion, with the gross margin improving to 34.7 percent. These strong results reflect Monde Nissin’s effective cost management and solid performance during the period.
Asia-Pacific Branded Food and Beverage grew by 3.9 percent to P33.3 billion, driven by noodle volume growth, while meat alternative revenues declined by 5.2 percent due to category softness.
Management’s view
“During the second quarter, APAC BFB saw modest topline growth and continued expansion of gross margin and core net income on a year-on-year basis,” Monde CEO Henry Soesanto said in a stock exchange filing on Wednesday.
“Our APAC BFB gross margins have substantially rebounded from last year’s levels, and while we believe further sequential gains will be limited, we expect to see continued improvement in the third quarter on a year-on-year basis,” he added.
Still challenging for Quorn
“Alternative business, we saw some gradual improvement in gross margin which we expect will be maintained and improved upon as the year progresses as our focus remains on optimizing costs and looking for efficiencies with the goal of maintaining earnings before interest, taxes, depreciation, and amortization neutral or better for the year,” Soesanto said.
