Monde suffers P625-M 2023 loss
Meat alternative sales fell by 6.3 percent to P3.9 billion on a comparable and constant currency basis in the fourth quarter stemming from the continued category headwinds
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Meat alternative sales fell by 6.3 percent to P3.9 billion on a comparable and constant currency basis in the fourth quarter stemming from the continued category headwinds
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The global economic downturn has seriously affected multinational Monde Nissin Corp.’s bottomline after it reported a net loss of P625 million in 2023.
In a report to the Philippine Stock Exchange on Thursday, the food and beverage (F&B) company attributed the contraction in income to the one-off impairment in its meat alternative business through Quorn Foods of P10.1 billion, partly offset by P1.3 billion of guaranty asset gain.
Meat alternative sales fell by 6.3 percent to P3.9 billion on a comparable and constant currency basis in the fourth quarter stemming from the continued category headwinds.
Revenues in the final quarter of last year retreated 15.2 percent to P3.5 billion.
Gross profit slips
“Core gross profit for the fourth quarter declined by 27.1 percent to P763 million, while the core gross margin declined by 610 bps (basis points) to 19.5 percent due to lower volume. Core gross margin declined by 65 bps in Q4 compared to the previous quarter,” it added, saying that core EBITDA was positive in the fourth quarter at P90 million, down 38.6 percent year-on-year for a breakeven year. Meanwhile, Monde’s consolidated revenue in the fourth quarter increased by 5.2 percent to P20.9 billion on a comparable basis.
The F&B company attributed this to volume growth in Asia-Pacific Branded Food and Beverage categories, translating into a full-year growth of 9.2 percent.
Core gross profit in the fourth quarter meanwhile expanded by 13.6 percent to P6.6 billion, while core gross margin increased by 232 bps year-on-year on a comparable basis to 31.3 percent following the APAC BFB business’ pricing and lower commodity costs atone for the fall-off in Quorn gross margin.
A 15.7 percent growth to P7.6 billion for 2023 was seen as Monde’s net income attributable to shareholders due to the strong performance of the APAC BFB business.
