Fraser and Neave (F99) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 3.0% to $2,162.1M, or 5% excluding forex; PBIT increased 19.5% to $297.0M, or 24% excluding forex.

• Stronger F&B results and P&P returning to profitability supported growth despite currency challenges and higher costs.

Financial highlights

• Profit after taxation increased 6.8% to $219.1M from $205.1M; attributable profit before exceptional items and fair value adjustment rose 12.7% to $150.2M from $133.3M.

• Gross profit rose 10.5% to $688.8M.

• EPS before exceptional items and fair value adjustment increased to 10.3 cents from 9.2 cents.

• PBIT margin expanded 190 bps to 13.7%, from 11.8% in FY2023.

Outlook and guidance

• Cambodia dairy facility operations are expected to begin in Q1 2026, initially producing canned milk, with other dairy products planned for later expansion.

• F&N AgriValley’s early-2025 initial milking timeline is under review after Malaysian authorities suspended the first livestock delivery from the USA; alternative options are being explored.

• Priorities include expanding market reach, applying digital innovation, targeted investments, strengthening key-market presence and improving operational efficiency.