For FY2025 ended Dec 31, chocolate confectionery company Delfi Limited has reported patmi of US$33.2 million, a y-o-y decline of 2.1%. Total net sales amounted to US$500.1 million, representing a slight y-o-y decrease of 0.5%. On a constant currency basis, net sales would have increased by 0.3%.
Gross profit margin decreased to 26.5% in FY2025 from FY2024’s 27.4% mainly due to the weaker Indonesian Rupiah, continued promotional spending, and lower margins from agency brands. Earnings per share was 5.44 US cents for FY2025, in contrast to the 5.55 US cents for FY2024.
In its bourse filing on Feb 24, Delfi says that its performance was underpinned by the “sustained” demand of its own brands, where sales grew by US$13.7 million or 4.9% y-o-y. This growth mitigated a decline in agency brands sales caused primarily by an account termination in the third quarter. Excluding the impact of this termination, net sales would have increased by 6.2% y-o-y.
On a market basis, net sales in Indonesia declined 4.1% y-o-y to US$301.3 million, although on a constant currency basis, the decrease would be only 0.5%. Benefitting from strategic promotional investments and a government stimulus package introduced in September that boosted momentum in the second half of the year, its own brands saw “strong” sales with a 5.3% y-o-y increase. However, these gains were offset by a 26.9% y-o-y drop in agency brands, attributed to reduced promotional spending by certain agencies early in the year, followed by an account termination in the third quarter of 2025.
In regional markets, net sales increased y-o-y by 5.5% to US$198.8 million, lifted primarily by strong sales in Malaysia.
Delfi held more than US$436.5 million in total assets against total liabilities of $157.3 million, with net asset value increasing by 2.4 US cents to 45.7 US cents. Borrowings decreased y-o-y to US$14.5 million from US$24.8 million. Cash and cash equivalents increased by US$24 million to US$68.0 million.
Delfi says while cocoa prices have decreased — which should benefit it as a chocolate manufacturer — it remains alert to the uncertain macroeconomic situation of its primary market, Indonesia. The company will be investing in core brands and product innovation to maintain market leadership and working to strengthen its sales channels by expanding geographical reach and enhance sales organisation to improve retail shelf position.
CEO John Chuang says, “While we enter 2026 with guarded optimism, fuelled by recent favourable cocoa price trends, we remain mindful that these gains could be tempered by the economic landscape in Indonesia.”
Delfi has proposed a final dividend of 1.72 US cents per share. Together with the interim dividend per share of one cent paid in September 2025, total dividends amount to 2.72 US cents per share for FY 2025.
At around 3:09 pm on Feb 25, Delfi shares were trading at 96 cents per share, a decline of three cents or 3% less than the previous trading day.
