Asia: Beverage maker F&N posts 37.3% increase in nine-months net profit

Beverage maker F&N posted a net profit of S$123 million for the nine months ended Jun 30, 2024, a 37.3 per cent increase from S$89.6 million in the same period a year ago, The Business Times reported on August 6.

Revenue went up by 2.1 per cent to S$1.61 billion in the same period, from S$1.58 billion a year earlier.

Profit before interest and taxes jumped 35.4 per cent to S$238.7 million, driven by an increase in revenue growth in the company’s food and beverage (F&B) segment, said F&N in a voluntary business update on August 6.

Under the F&B segment – which comprises beverages and dairies – the revenue for beverages increased 9 per cent from the same period last year.

The company said that effective marketing campaigns drove higher volumes for core soft drinks brands such as 100Plus and F&N. Expansion of brewery capacity benefited beer sales.

Revenue for the dairies grew marginally by 0.3 per cent. There was an increase in domestic and export demand for canned and liquid milk in Malaysia and Thailand, said the company.

Revenue in the printing and publishing segment, however, fell 9 per cent, due to lower international print demand and the closure of retail stores.

Earnings per share for the period stood at 8.4 Singapore cents, higher than 6.2 Singapore cents a year ago.

Shares of F&N closed 2.7 per cent or S$0.03 higher at S$1.16 on August 6 before the announcement.

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