Food Empire net profit down 11.4% in 2024

Net profit in H2 was down by 10.1%

Food Empire Holdings Limited reported a net profit after tax drop of 11.4% from $75.52m (US$56.46m) in 2023 to $66.92m (US$50.03m) in 2024.

Revenue for the year went up 11.9% EBITDA slipped 9.9%.

In H2 2024, revenue was up 10.4% whilst EBITDA went down 8.3%. H2 net profit also slipped 10.1%.

The group said its revenue was boosted mainly by strong double-digit growth from its Southeast Asia, South Asia and Ukraine, Kazakhstan and CIS segments, and partially offset by a slight dip from its Russia segment due to the depreciation of the Russian Ruble against the US dollar. For the purpose of comparing underlying performance, Russia had achieved a 7.3% increase in revenue in local currency terms.

The Board of Directors has proposed a first and final dividend of 6.0 Singapore cents per ordinary share and a special dividend of 2.0 Singapore cents per ordinary share.

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