The group’s revenue in FY2024 ended Dec 31, 2024, grew by 11.9% y-o-y to US$476 million ($621.6 million) while revenue for the 1HFY2025 rose by 21.7% y-o-y to US$274.1 million. After adjusting for a one-time non-cash fair value loss on its redeemable exchange notes (REN), Food Empire’s 1HFY2025 came in at US$31 million, from US$23.2 million in the 1HFY2024. Including the one-time fair value loss, the first six months of this year saw a net loss of US$1.1 million.
uSMART, a Monetary Authority of Singapore (MAS)-licensed brokerage platform, has initiated a “buy” call on Food Empire with a target price of $2.97.
Analyst Eng Thiam Choon notes that the food and beverage (F&B) group, which generates over 70% of revenue from instant beverages such as coffee and tea, is looking to capture the growing consumer instant beverage sector in Southeast Asia. So far, the group has seen initial success in Vietnam through their brand, CafePHO. It has also seen continued revenue growth across its other key regions such as Russia, the Commonwealth of Independent States (CIS) and South Asia.
