Monde Nissin Anticipates Consolidated Core Net Income to Grow by 25% in 2024

​Henry Soesanto, Chief Executive Officer, commented, “I am pleased to announce that our preliminary fourth quarter results reflect sustained momentum from the third quarter, driven by our APAC BFB business. This has resulted in record-high revenues for both the quarter and the year.

​The Company's APAC BFB business achieved strong revenue growth in the fourth quarter, up over 8.0% year-over-year and more than 4.0% sequentially, reaching the upper end of our guidance, driven by volume growth across all categories, with contributions from both domestic and international markets. Furthermore, the Company's market share in the noodles category increased by 140 bps to 68.7% in value and by 150 bps to 74.0% in volume over the past 12-week period ending December 2024.

Monde observed a gross margin expansion of over 100 bps year-over-year in the fourth quarter. The meat alternative business continues to operate in a challenging environment, as the Company expects an approximate mid-teens sales decline year-on-year on a constant currency and comparable basis for the fourth quarter, partly due to fewer selling weeks compared to last year. The Company expects to achieve positive EBITDA in the fourth quarter despite the ongoing topline weakness.

For the full year, the company anticipates consolidated sales growth to exceed 3.0% year-on-year on a comparable basis, along with consolidated gross margin expansion of over 350 bps, driven by strong gross margin growth in the APAC BFB segment of over 400 bps. The meat alternative business’ EBITDA was neutral for the full year. Additionally, the company expects consolidated core net income to increase by over 25% for 2024, with consolidated core net margin expanding by more than 200 bps compared to the same period last year.

Monde's ongoing annual impairment test for the meat alternative business indicates a significant impairment charge this year, estimated between GBP 80 mn and GBP 100 mn. Although substantial, this figure is notably lower than last year's impairment. Additionally, due to unfavorable changes in volatility, interest rates, and stock prices, the company anticipates a material mark-to-market loss on the fair value of our guarantee asset. Despite these challenges, both the impairment and the mark-to-market loss, the Company expect its consolidated reported net income after tax to return to positive territory for the full year. Furthermore, the company expects to have sufficient retained earnings, providing flexibility to declare dividends subject to board approval.

Monde Nissin Corporation is a global food and beverages company headquartered in the Philippines, with a portfolio of iconic and market leading brands across fast-growing categories, including Lucky Me! noodles, SkyFlakes crackers, Fita crackers, Monde baked goods and Quorn meat alternative products. The Company aspires to improve the well-being of people and the planet, and create sustainable solutions for food security. That aspiration is reflected in our commitment to continuously improve our products to make them more delicious, nutritious, and better for the planet.