Food Empire Holdings Limited has reported a record revenue of $476.3m for the financial year ending 31 December 2024, marking its fourth consecutive year of topline growth. This represents an 11.9% increase from the previous year, driven by strong performance in South-East Asia, South Asia, and the Ukraine, Kazakhstan, and CIS regions.
The company’s diversification strategy and focus on the fast-growing Asian market have been pivotal in achieving this growth. Notably, the South-East Asia segment saw a 27.3% increase in revenue, reaching $129.4 million. Meanwhile, the South Asia segment grew by 24.9% to $61.4m, and the Ukraine, Kazakhstan, and CIS segment rose by 12.6% to $124.7m. However, revenue from Russia dipped slightly by 1.1% due to currency depreciation, although it increased by 7.3% in local currency terms.
Despite the impressive revenue figures, Food Empire’s normalised net profit after tax fell by 11.4% to $50.0m, impacted by high coffee prices and increased expenses. Sales and marketing costs rose by 14.2%, particularly in Vietnam, whilst general and administrative expenses increased by 15.6%.
The Board of Directors has proposed a total dividend of 8.0 Singapore cents per ordinary share, marking the third consecutive year of dividend increases. Group CEO Sudeep Nair expressed optimism about future growth, citing ongoing investments in flagship brands and expansion projects.
Looking ahead, Food Empire plans to continue its growth momentum with strategic initiatives in Asia, including new production facilities in Kazakhstan and Vietnam. The company remains cautious of geopolitical challenges and economic uncertainties but is committed to sustaining its growth trajectory.
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