Confectionary firm Delfi suffers 26.6% net profit loss in 2024

The group said its performance was impacted by the stronger US dollar.

SGX Mainboard-listed chocolate confectionery company, Delfi Limited reported PATMI (profit after tax and minority interests) of $45.35m (US$33.9m) for the financial year ended 31 December 2024, a decrease of 26.6% from $61.94m (US$46.3m) from the year before.

The group said its performance was impacted, in part, by the stronger US Dollar against regional currencies, particularly the Indonesia Rupiah. On a constant currency basis, FY2024 net sales were lower by 3.9%.

Sales for the dip 6.6% to $672.47m (US$502.7m) in 2024 from $719.96m (US$538.2m) in 2023. EBITDA (earnings before interest, taxes, depreciation, and amortisation) fell by 19% in 2024.

The group said it increased promotional spending in H2 2024, which led to an increased market share in Indonesia driven by its SilverQueen and Cha Cha brands.

Although net sales decreased to $420.44m (US$314.3m) in Indonesia, Delfi expects the positive momentum in its brands from the second half of the year to continue into 2025. Meanwhile, the group’s Agency Brands declined, primarily due to the termination of a partnership in late 2023, which will no longer have an impact on YoY comparisons. Excluding this impact, Agency Brands for Indonesia would have recorded Y-o-Y growth of 5.5%.

Delfi allocated $38.26m (US$28.6) of the cash generated to capital expenditures, primarily to complete capacity expansion projects that were started in 2023, and for efficiency improvements. This capex programme is constantly monitored and reassessed in response to market conditions and could be adjusted, as necessary.

As at 31 December 2024, the Group held a cash balance of $58.59m (US$43.8m).

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