Monde Nissin Reports FY 2024 Core Net Income Growth of 28.6% to P9.8B and Announces Dividend

​Monde Nissin Corporation announced today its unaudited financial results for the full year ended December 31, 2024. Consolidated revenue for the full year increased by 3.7% to P83.1 billion, with Q4 comparable growth at 5.1%

Gross profit for the full year grew by 16.0% to P28.7 billion as Q4 gross profit increased by 11.9%. Gross margin for the full year improved by 368 bps year-on-year to 34.5%, driven by APAC BFB gross margin improvement of 414 bps due to lower commodity costs. Gross margin in Q4 increased by 204 bps year-on-year on a comparable1 basis to 33.4%

Core net income attributable to shareholders increased by 21.3% to P2.3 billion in the fourth quarter and by 28.6% year-on-year to P9.8 billion for the full year. This growth was driven by a 23.4% year-on-year increase in APAC BFB core net income, which reached P10.6 billion for the full year. Reported net income for the year was P450 million, primarily due to higher core net income after tax, offset by a P6.8 billion after-tax, non-cash impairment of assets in the Meat Alternative business and a P2.6 billion non-cash accounting loss on the fair value of the Meat Alternative guaranty asset.

Year-end dividend 2024

Cash flow from operations for the year of P12.8 billion enabled the board of directors to declare from the unrestricted retained earnings as of December 31, 2024 a dividend of P0.15 per common share yesterday with a record date of April 25 and a payment date of May 22, 2025.

Asia-Pacific Branded Food and Beverage (APAC BFB)

APAC BFB net sales for the full year grew by 5.4% to P69.5 billion, and rose by 8.7% in Q4, largely driven by volume growth in all categories. APAC BFB revenues in Q4 grew by 4.3% compared to Q3. The domestic business grew by 5.0% for the full year, with Q4 growth reaching 7.3%.

Gross profit for the full year increased by 18.7% to P25.8 billion, while it increased by 13.6% in Q4. Gross margin improved by 414 bps year-on-year to 37.1% for the full year and increased by 154 bps year-on-year to 35.6% in Q4, primarily driven by lower commodity costs and improved manufacturing overhead efficiencies. Core EBITDA increased by 18.2% to P16.0 billion for the full year and grew by 7.3% to P3.7 billion in Q4 due to gross profit improvement.

Meat Alternative (Quorn Foods)

Meat Alternative revenue declined by 9.3% and 16.4% on a comparable1 and constant currency basis for the full year and Q4, respectively, as category softness continues. On a reported basis, revenue declined by 4.5% for the full year and by 1.1% in Q4.

Gross profit for the full year declined by 3.2% to P2.9 billion, while gross profit in Q4 declined by 1.0% on a comparable basis. Gross margin for the full year improved by 28 bps year-on-year to 21.5%. Gross margin in Q4 improved by 213 bps year-on-year on a comparable basis due to lower raw materials and utilities costs and lower inventory obsolescence, partially offset by lower production volume as we bring down inventory, impacting fixed costs recovery. Core EBITDA for the full year was P12 million, while core EBITDA in Q4 was P149 million.

Monde Nissin’s financial position remains strong with P14.2 billion in cash and cash equivalents and a stable net debt-to-equity ratio of 0.15. The outstanding debt was at P3.2 billion as of December 31, 2024. Operating cash flow was at P12.8 billion for the full year 2024.

Henry Soesanto, Chief Executive Officer, commented, “Our APAC BFB business delivered strong top-line growth and profitability, resulting in record revenues and core net income for both the quarter and the year. This success was driven by volume growth across all categories. We anticipate mid-single-digit revenue growth in 2025, while we expect full year gross margin to be broadly in-line with last year. Margin trends will vary quarter to quarter based on our cost savings plans, commodity lock ins, and base comparisons.”
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Regarding our Meat Alternative business, Mr. Soesanto added, “We achieved EBITDA neutral for the year by focusing on cost reduction and efficiency improvements. However, the challenging environment led to an additional impairment of P 6.8 billion after tax, due to a tempered EBITDA cash flow forecast and a higher Weighted Average Cost of Capital (WACC). Additionally, unfavorable market conditions resulted in a mark-to-market loss of P 2.6 billion on our guaranty asset. Despite ongoing revenue challenges, we expect a noticeable and durable improvement in EBITDA this year compared to the largely breakeven numbers we have seen over the past couple of years, reducing the risk of further impairments.”