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Monde Nissin 9-month sales rise but core net income falls amid higher costs

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Art Fuentes, ABS-CBN News

<p>MANILA (UPDATE) - Food manufacturer Monde Nissin’s revenues in the first 9 months of 2022 grew but profits still fell as input costs remained high, the company said on Wednesday.</p><p>The Lucky Me and Skyflakes maker said consolidated revenues from January to September grew 6.7 percent to P54.9 billion. </p><p>Despite this, core net income attributable to shareholders for the period declined by 20.9 percent to P5.6 billion. The company said this reflected continued investment in brand building, as well as higher raw material and energy costs partly due to commodity lock-ins entered earlier in the year. </p><p>Monde Nissin had earlier struck forward contracts to buy raw materials at set prices as Russia’s invasion of Ukraine sent commodity costs spiraling upwards. </p><p>Jesse Teo, Monde Nissin’s chief financial officer, said the company was affected by higher input costs from its decision to enter into these forward contracts for key ingredients such as palm oil and wheat.</p><p>While the contracts allowed them to secure materials at prices cheaper than those in spot markets, this meant Monde Nissin was also locked in at these price levels even when market prices started to come down. </p><p>Teo said of the company’s gains from forward contracts in the first six months, around half was “negated” in the second half of the year. </p><p>The company’s flagship Lucky Me brand was also affected by the controversial ban imposed on it by the EU for having traces of ethylene oxide. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/07/17/22/fda-philippine-made-lucky-me-products-safe-to-eat">FDA: Philippine-made Lucky Me! products safe to eat</a></li></ul><p><br/>Monde Nissin CEO Henry Soesanto said the company has already addressed the selective recall of Lucky Me products in the EU in July. </p><p>“Our efforts have largely corrected the impact as we have seen significant recovery in October, and we are continuing to work to resume the growth which we have seen earlier this year and last year in this category,” Soesanto said. </p><p>He said the company has also “enhanced” its sourcing, testing, and overall processes to ensure that its products adhere to all food quality compliance standards, regardless of what jurisdiction they are sold in.<br/> </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/03/24/22/monde-nissin-income-slides-amid-rising-cost-of-inputs">Inflation’s sting: Lucky Me maker Monde Nissin income slides as input costs rise</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2334359" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><div><br/> </div>

Food manufacturer Monde Nissin’s revenues in the first 9 months of 2022 grew but profit still fell as input costs remained high, the company said on Wednesday.

Monde Nissin 9-month sales rise but core net income falls amid higher costs

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Monde Nissin 9-month sales rise but core net income falls amid higher costs

Art Fuentes,

ABS-CBN News

Published Nov 09, 2022 04:48 PM PHT

|

Updated Nov 09, 2022 07:26 PM PHT

Read More:

Monde Nissin

Lucky Me

Skyflakes

food manufacturer

instant noodles

henry Soeasanto

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