Singapore-based Delfi Ltd has projected better revenue outlook for its business due to falling cocoa prices. Since December 2025, cocoa prices have declined by a further 51%, prompting analysts to become more positive on the performance of chocolate confectionery manufacturer and lift its 2026 and 2027 earnings forecasts by 10% and 5% respectively.
Cocoa prices have dropped due to improved cocoa supply from the western African countries like Ghana and Ivory Coast as a result of favourable weather. Despite the drastic drop in cocoa prices, prices of chocolates remain high.
Delfi Ltd, formerly known as Petra Foods, markets and distributes its own brand of chocolate confectionery products in Indonesia, Philippines, Singapore and Malaysia. In addition, its chocolate confectionery products are sold in over 10 other countries including Thailand, Brunei, India, South Korea and Vietnam. In Indonesia, its portfolio of chocolate confectionery brands include SilverQueen, Ceres and Delfi. In the Philippines, its flagship brands are Goya and KnickKnacks.
Delfi has 2 manufacturing plants in Indonesia and the Philippines. The Group also distributes a well-known portfolio of Agency Brands like Loacker, Pringles and Kellogg’s amongst others.
