Q2 2024 Monde Nissin Corp Earnings Call Transcript
Key Points
- Monde Nissin Corp (PHS:MONDE) reported a strong core profit improvement of 37% for the second quarter and 46% for the first half.
- The APAC branded food and beverage segment showed significant growth, particularly in the noodles and others category, with noodles growing 8.3% in sales.
- Gross margin expanded by 370 basis points in the second quarter and 460 basis points for the first half, driven by lower input costs.
- The company improved its cash position by 78.2% to PHP6 billion in the first half.
- Monde Nissin Corp (PHS:MONDE) launched Monde Nuvi, a new chocolate milk drink with nata de coco sinkers, aiming to capture a share of the PHP9 billion chocolate milk market.
- The meat alternative segment faced continued top-line challenges, with underlying sales down about 9% at constant exchange rates.
- APAC BFB gross margin declined 200 basis points quarter over quarter due to factors like exchange rate fluctuations and supply chain issues.
- The biscuits category experienced supply chain hiccups, leading to a slight share dilution from 28.5% to 28.4%.
- The UK retail market for meat alternatives continued to decline, impacting sales and market share.
- Monde Nissin Corp (PHS:MONDE) revised its 2024 CapEx budget downward due to delays in construction and machine delivery.
Good afternoon, and welcome to Monde Nissin's first-half 2024 earnings call. I am Mike Paska, Head of Investor Relations.
On today's call with me are Henry Soesanto, Chief Executive Officer; Jesse Teo, Chief Financial Officer; Marco Bertacca, Chief Executive Officer of Quorn Foods; and Nick Cooper, Chief Financial Officer of Quorn Foods.
By now, everyone should have access to the earnings press release and presentation. These are posted earlier today in the PSE Edge website. This information can also be found in the Investors section on Monde Nissin's website.
And finally, before we begin, please note that the financial information being presented is unaudited. And during the course of this call, management may make forward-looking statements based upon current assumptions and expectations. These are not guarantees of future performance, and I encourage everyone to read the disclaimer in the presentation.
Now I'd like to turn the call over to Henry for introductory remarks. Henry?
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