Food Empire Q1 revenue jumps 16.9% to $203.3m on broad-based growth

Russia and Central Asia drove gains as group stays net cash and expands capacity.

Food Empire Holdings reported a 16.9% year-on-year (YoY) increase in revenue to $203.3m (USD159.7m) for the first quarter (Q1) ended 31 March, according to its latest business update.

The performance marked a record first-quarter revenue for the group and followed five consecutive years of full-year revenue records from FY2021 to FY2025.

Revenue growth was supported by higher contributions across most key markets, with Russia, Central Asia, and South Asia recording the strongest increases during the quarter.

The Russia segment rose 29.4% to $64.9m (USD51.0m), supported by higher sales volumes, pricing gains, and marketing activities, as well as a stronger Russian rouble.

Central Asia posted the largest percentage increase, up 36.4% to $39.1m (USD30.7m), driven by growth in Kazakhstan and Uzbekistan, alongside new product launches and distribution expansion.

Southeast Asia revenue increased 7.5% to $54.7m (USD43.0m), mainly led by Vietnam. Europe rose 5.9% to $16.0m (USD12.6m), driven primarily by Ukraine, whilst continued marketing investment supported performance in the region.

The group said its spray-dried and freeze-dried manufacturing facilities in India operated at full capacity during the quarter, with higher inter-company sales supporting its branded consumer business.

Food Empire said it remained in a net cash position as at 31 March.

Separately, the board approved a one-for-five bonus issue, where shareholders will receive one bonus share for every five existing shares held, subject to eligibility.

The group said the move is intended to improve trading liquidity and broaden investor accessibility.

Looking ahead, Food Empire said its new Kazakhstan coffee-mix manufacturing facility is expected to contribute in FY2026.

It also flagged ongoing expansion projects in India and Vietnam, with completion targeted for 2027 and 2028, respectively.

($1.27 = USD1)

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