Delfi Limited, the Singapore-based chocolate confectionery company, announced a profit after tax and minority interests (PATMI) of $33.m on sales of $502.7m for the financial year ending 31 December 2024. This marks a year-on-year (YoY) decrease of 26.6% in PATMI and 6.6% in sales, attributed partly to the stronger US Dollar against regional currencies, particularly the Indonesian Rupiah.
Despite the decline, Delfi increased its market share in Indonesia in the second half of 2024 through heightened promotional spending on its SilverQueen and Cha Cha brands. The company anticipates continued positive momentum in its own brands into 2025, although agency brands in Indonesia saw a decline due to a terminated partnership in late 2023.
Delfi generated $52.6m in net cash from operations, a significant increase of $27.4m YoY. The company allocated $28.6m to capital expenditures, focusing on capacity expansion and efficiency improvements. As of 31 December 2024, Delfi held a cash balance of $43.8m.
The Board of Directors has proposed a final dividend of 1.18 US cents per share, bringing the total dividend for FY2024 to 3.24 US cents per share, equivalent to 59% of PATMI.
Looking ahead, Delfi acknowledges the challenging global environment, with geopolitical tensions and high cocoa bean prices expected to impact profitability. However, the company remains committed to its long-term strategy, leveraging its strong brand portfolio and distribution networks to navigate these challenges.
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