Food Empire Holdings 1H2025 Financial Performance: Record Topline, Growing Profits, and First-Ever Interim Dividend
Food Empire Holdings Limited, a multinational food and beverage group listed on SGX, has released its financial results for the six months ended 30 June 2025 (1H2025). The report showcases robust growth in revenue and profits across all core segments, a healthy balance sheet, and the declaration of the company’s first-ever interim dividend. Below, we present a structured analysis of the key financial metrics, performance trends, dividend history, and management outlook, as disclosed in the official report.
Key Financial Metrics
| Metric |
1H2025 |
2H2024 |
1H2024 |
YoY Change |
QoQ Change |
| Total Revenue (US\$’000) |
274,060 |
N/A |
225,246 |
+21.7% |
N/A |
| Operating Profit (US\$’000) |
42,757 |
N/A |
28,464 |
+50.2% |
N/A |
| EBITDA (Normalised, US\$’000) |
52,215 |
N/A |
36,444 |
+43.3% |
N/A |
| Net Profit After Tax (Normalised, US\$’000) |
31,498 |
N/A |
23,219 |
+35.7% |
N/A |
| Interim Dividend (SGD cents/share) |
3.0 |
N/A |
N/A |
First ever |
N/A |
| Cash & Cash Equivalents (US\$’000) |
135,300 |
N/A |
130,900 (Dec 2024) |
+3.4% |
N/A |
Segmental Revenue Performance
- Russia: US\$82.8 million (+21.6% YoY), driven by price gains and ruble appreciation.
- Southeast Asia: US\$77.5 million (+25.3% YoY), led by Vietnam’s 36.6% surge on higher sales and pricing.
- Ukraine, Kazakhstan, CIS: US\$68.4 million (+19.4% YoY), boosted by price gains, volume growth, and the full contribution from Tea House LLP.
- South Asia: US\$37.0 million (+25.1% YoY), with both coffee plants running at full capacity.
- Others: US\$8.4 million (-1.2% YoY).
Dividend Declaration
Food Empire declared its first-ever interim dividend of 3.0 Singapore cents per ordinary share, reflecting management’s strong confidence in the business and its future prospects.
Exceptional Items and Accounting Changes
- One-off Non-cash Loss: The group recorded a US\$32.6 million one-off, non-cash, fair value accounting loss on redeemable exchangeable notes (REN), resulting from a significant increase in the company’s share price. This adjustment does not reflect operating performance.
- Accounting Classification Change: As of 30 June 2025, a supplemental agreement ensures future REN accounting will be “fixed-for-fixed,” eliminating earnings volatility from mark-to-market adjustments.
Historical Performance Trends
Food Empire has achieved four consecutive years of record revenue growth from FY2021 to FY2024, and management expects another record-breaking year in FY2025, barring unforeseen circumstances.
Chairman’s Statement
Food Empire’s Group Chief Executive Officer and Executive Director, Mr Sudeep Nair, said: “Food Empire achieved four consecutive years of record revenue growth from FY2021 to FY2024. Based on our 1H2025 performance, we are on track to deliver yet another record-breaking performance in FY2025, barring unforeseen circumstances. Our optimism is underpinned by the strength and leading position of our brands across all our markets as we continue to deliver robust results from our brand-building efforts.”
The tone is strongly positive, reflecting confidence in brand strength and ongoing expansion efforts.
Corporate Developments & Outlook
- Food Empire is investing in capacity and vertical integration, with new facilities in Kazakhstan (coffee-mix, by end FY2025), expanded capacity in India (spray-dried coffee, by FY2027), and a new freeze-dried coffee plant in Vietnam (by FY2028).
- Management remains vigilant of geopolitical and macroeconomic headwinds, including tariff uncertainties, but expects brand strength and investments to sustain growth.
Conclusion & Investment Recommendations
Overall Financial Performance & Outlook: Food Empire’s performance is strong, with double-digit revenue and profit growth, expansion in key markets, and a healthy cash position. The first-ever interim dividend and positive management outlook further reinforce confidence in the business. Risks remain from geopolitical and economic factors, but the company’s diversified footprint and ongoing investments mitigate these concerns.
Investment Recommendations
- If you are currently holding Food Empire stock: Consider maintaining or increasing your position, given the company’s strong fundamentals, robust growth, and positive outlook. The newly declared interim dividend also enhances shareholder returns.
- If you are not currently holding Food Empire stock: Consider initiating a position, especially if seeking exposure to a high-growth, consumer-centric multinational with a track record of operational excellence and prudent expansion. However, remain mindful of global economic uncertainties and potential volatility.
Disclaimer: This analysis is based strictly on the information provided in the official company report and does not constitute investment advice. Investors should conduct further due diligence and consider their personal risk tolerance and financial situation before making any investment decisions.
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