Monde Nissin swings back to profitability

The branded food and beverage (BFB) segment continued to do the heavy lifting last year for Monde Nissin Corp., allowing the snack food maker to swing back to profitability despite persistent bleeding in its pseudo meat business.

Monde disclosed to the stock exchange on Thursday that its earnings last year reached P1.65 billion, a turnaround from its P698-million net loss in 2023.

Revenues of the company behind Lucky Me! instant noodles likewise rose by 3.7 percent to a record P83.1 billion.

The Asia-Pacific BFB segment contributed P10.6 billion to the group’s overall bottom line, representing a 23.4-percent surge.

Net sales ended at P69.5 billion, up by 5.4 percent, due to volume growth across all its categories.

Quorn Foods, the alternative meat segment of Monde, pared its losses by 17 percent to P804 million on lower costs of raw materials and utilities.

However, Quorn’s net sales declined by 4.5 percent to P13.6 billion on the back of lower production volume.

Quorn also recorded a P6.8-billion impairment due to a “challenging environment,” Monde CEO Henry Soesanto said in a statement.

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Still, Soesanto noted that they expected a “noticeable and durable improvement” in Quorn’s earnings before interest, taxes, depreciation and amortization in 2025.

Pricing was a particular barrier to attracting more “flexitarian” customers, or those with a semi-vegetarian diet, as they moved to less expensive choices, according to Monde.

The company earlier said they had planned to streamline costs and “simplify” Quorn’s operations through restructuring.

For the entire group, Soesanto anticipates mid-single-digit revenue growth.