The group’s ebitda for FY2024 came in 6.6% y-o-y lower at $81.1 million, which includes a fair value gain of derivatives of US$2.8 million from the redeemable exchangeable notes.
In FY2024, the group’s wholly owned subsidiary Empire APAC, issued 5.5% redeemable exchangeable notes to Merit Genesis and Apex Genesis at an aggregate value of US$40 million.
For FY2024, revenue for the group grew 11.9% y-o-y to $476.3 million.
This was mainly from the strong double-digit growth from Southeast Asia, South Asia, Ukraine, Kazakhstan and CIS segments. It was offset by a slight dip in its Russia segment due to the depreciation of the Russian ruble against the US dollar.
Vietnam was Food Empire’s fastest growing market in FY2024 contributing more than 50% revenue to the group’s Southeast Asian segment.
Excluding the fair value gain on redeemable exchangeable notes of US$2.8 million, Food Empire’s normalised net profit after tax declined 11.4% to US$50.0 million in FY2024, reflecting the impact of record high coffee prices during the year, and also higher overall expenses.
Sales and marketing expenses were up 14.2% due to an increase in consumer engagement activities, particularly in Vietnam, while general and administrative expenses were up 15.6% mainly due to higher legal and professional expenses in relation to the issuance of the redeemable exchangeable notes.
See also: Lum Chang Holdings net profit up 102% y-o-y for FY2025 to $18.7 mil
The group recorded cash and cash equivalents of US$130.9 million as at Dec 31, 2024.
Food Empire has declared a total dividend for FY2024 of 8 cents per ordinary share.
The group expects growth in momentum to continue, in particular, stronger growth from Asia due to commercial and strategic initiatives.
Shares in Food Empire closed 1 cent lower or 1.015% down at 97.5 cents on Feb 25.
