SGX-listed coffee and snack producer, Food Empire Holdings has announced a remarkable 84% jump in net profit to US$5 million for its final quarter ended December 2019.
The instant coffee and snack manufacturer saw its revenue grew 4.7% to US$73.3 million in the same period, with sales increasing in Russia, Ukraine, Kazakhstan and CIS (Commonwealth of Independent States). However, sales in ASEAN market declined by 5.6%.
The group’s Executive Chairman Tan Wang Cheow said, “The positive financials is a testament to the effectiveness of the group’s strategies implemented to address identified problems and improve profitability. Moving ahead, we will remain focused on growing our key markets, streamlining our business operations and looking for strategic mergers and acquisitions opportunities to achieve sustainable growth.”
Meanwhile, Food Empire’s first non-dairy creamer plant is currently at full capacity, and Food Empire plans to construct a 2nd plant in Iskandar, Malaysia over the next 24 months.
Food Empire saw 84% jump in Q4 net profit, plans for 2nd plant
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