Fraser and Neave (F99) Q3 2024 TU earnings summary

Executive summary

• 9M2024 revenue rose 2.1% to $1,613.2m; PBIT increased 35.4% to $238.7m and attributable profit before exceptional items grew 37.3% to $123.0m.

• Earnings growth came from all core business segments, despite foreign-exchange headwinds and higher tax; constant-currency revenue and PBIT increased 5% and 41%, respectively.

Financial highlights

• Revenue was $1,613.2m, up 2.1% YoY; gross profit increased 14.0% to $524.8m.

• PBIT increased 35.4% to $238.7m; profit after tax rose 19.1% to $181.0m.

• Attributable profit before exceptional items rose 37.3% to $123.0m; EPS before exceptional items increased 35.5% to 8.4 cents.

Outlook and guidance

• Cambodia dairy facility operations are slated to commence in Q1 2026, with production focused on canned milk.

• AgriValley’s first milking target is early 2025; its planned milk-processing facility can produce 200m litres of fresh milk annually.