Fraser and Neave has reported revenue of $993.2 million for its 2HFY2022 ended Sept 30, up 12% y-o-y from $890.6 million in the year earlier period, as it generated higher sales. However, earnings for the same period was down slightly by 1.6% y-o-y to $60.8 million, as higher costs bite.
Fopr the full year, the company reported earnings of $129.4 million, versus $145.2 million recorded for the preceding FY2021. Revenue in the same period was $2 billion, versus $1.88 billion.
CEO Hui Choon Kit calls 2022 "a confluence of several challenges".
"Amidst supply chain problems, high inflation and new, highly transmissible variants of the COVID-19, F&N continued to adapt and adjust. We are very proud to continue to capture market shares, grow volumes and sales, and we believe we have strong momentum as we kick off FY2023," he adds.
To Hui, F&N's performances over the past couple years is a sign how resilient its diversified business model is.
"While we continue to act proactively to navigate this inflationary environment, and take deliberate steps to further enhance our resiliency, we're doubling down on the strategies that have been working well and delivering results," he says.
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F&N plans to pay a final dividend of 3.5 cents, which will bring its FY2022 total to 5 cents per share, equivalent to a 56% payout ratio.
F&N shares closed Nov 10 at $1.21, up 1.68% for the day, down 14.79% year to date.
