Food Empire Holdings (F03) H2 2024 earnings summary

Executive summary

• FY2024 revenue reached a record US$476.3m, up 11.9% YoY, marking the fourth consecutive year of topline growth.

• Growth reflected geographic diversification and investments in brands, distribution and product development; South-East Asia became the second-largest revenue segment.

Financial highlights

• FY2024 revenue was US$476.3m vs US$425.7m in FY2023; reported growth was 11.9% YoY.

• Normalised net profit after tax fell 11.4% to US$50.0m, excluding a US$2.8m fair value gain on redeemable exchangeable notes.

• Cash and cash equivalents were US$130.9m at 31 Dec 2024 vs US$131.3m a year earlier.

Outlook and guidance

• Growth momentum is expected to continue, with stronger growth anticipated from Asia and commercial initiatives targeting regional opportunities.

• Malaysia snack-facility expansion is expected to complete in Q1 2025, with commercial production starting in Q2 2025; added non-dairy creamer capacity is expected to ramp up over 2–3 years.

• Kazakhstan coffee-mix facility construction is expected to complete by end-2025; Vietnam freeze-dried soluble coffee facility is expected to complete by 2028.

• Growth outlook is cautiously optimistic, with ongoing brand investment and product innovation supporting expansion.