MONDE Nissin Corp. on Wednesday reported an 11.3-percent increase in core net income attributable to shareholders for the first quarter, driven by higher gross profit and improving margins.
In a disclosure, the company said core earnings reached P3.3 billion while consolidated revenues rose 9.1 percent to P22.8 billion.
Reported net income jumped 34.1 percent to P3.7 billion, supported by a P210-million noncash gain from fair value adjustments and foreign exchange gains, reversing a loss booked last year.
The Asia-Pacific branded food and beverage (APAC BFB) segment was the main contributor, with sales growing 8.6 percent to P19.1 billion on volume expansion across categories.
“Our APAC BFB business delivered robust topline growth in the first quarter, supported by volume growth across all categories,” CEO Henry Soesanto said.
“Despite a strong start to the year, we remain mindful of ongoing uncertainties and inflationary headwinds. We will continue to manage the business prudently,” he added.
Gross profit increased 13.1 percent to P8.2 billion, helping lift overall profitability despite persistent input cost pressures.
Meanwhile, gross margin for the quarter improved as pricing actions and cost management measures were implemented.
The meat alternative business, led by Quorn, showed a turnaround in profitability, with gross profit surging 54.4 percent and core earnings before interest, taxes, depreciation and amortization more than doubling to P325 million.
Monde Nissin said it maintained a strong balance sheet, ending the quarter with P16.6 billion in cash and net debt-to-equity ratio of 0.13.
Monde Nissin’s share price rose by 15 centavos, or 2.29 percent, to close at P6.71 each on Wednesday.
