MONDE Nissin Corp. (Monde Nissin) announced that its consolidated revenue in the fourth quarter of 2023 increased by 5.2 percent to P20.9 billion on a comparable basis, largely driven by volume growth in Asia Pacific Branded Food and Beverage (Apac BFB) categories, resulting in a growth of 9.2 percent for the full year.
Core gross profit in the fourth quarter grew by 13.6 percent to P6.6 billion, while core gross margin improved by 232 basis points year-on-year on a comparable basis to 31.3 percent due to pricing and lower commodity costs in the Apac BFB business, offset by the decline in Quorn gross margin.
Core net income attributable to shareholders for the fourth quarter increased by 101.1 percent to P1.9 billion due to the strong performance of the Apac BFB business, resulting in a 15.7 percent growth to P7.6 billion for the full year.
The reported net loss for the full year was P625 million mainly due to a non-cash, non-operating impairment of assets in the meat alternative business of P10.1 billion after-tax, partly offset by P1.3 billion of guaranty asset gain. / PR