Philippines’ Monde Nissin core net income climbs 8.7% in Q2
Its net income amounted to P1.96b during the quarter.
Philippine-based food and beverage company Monde Nissin reported its core net income grew by 8.7% to P1.96b in the second quarter of 2022.
Over the same period, its revenue climbed by 13.1% to P18.87b. Of which P15.17b were accounted for by its Asia Pacific Brand Food and Beverage (APAC BFB) business; whilst P3.70b were from its Meat Alternative business.
“The first half of the year has seen strong revenue growth led by our domestic APAC BFB business. This growth was driven by our continuing commitment to marketing, product quality, supply chain excellence, and some pricing increases,” Henry Soesanto, CEO, Monde Nissin
“We have sought to address global inflationary pressures by continuing to improve our efficiency and reduce our operational costs.”
Monde Nissin’s APAC BFB net sales posted an 18.1% growth during the quarter, which the company linked largely to its domestic business.
Meanwhile, net sales from its Meat Alternative business dropped by 3.5%. In particular, its UK operations declined by 12.3% in the overall category, whilst its US operations saw a 4.2% growth in the frozen category.
“We have locked in the supply of key commodities for the remainder of the year to minimize supply risks,” Soesanto also said.
“We are cautiously optimistic that the recent pullback in commodity prices may benefit our margins once we cycle through our already-procured wheat and palm oil inventory, but caution that substantial uncertainty remains.”