Monde Nissin said Thursday it remains focused on its long-term growth plans despite setbacks due to logistical issues brought by the COVID-19 pandemic.
Its core net income for the first 9 months declined by 5.3 percent to P7.1 billion, the company said in a disclosure to the stock exchange.
However, the third quarter net income attributable to shareholders posted an increase of 8.7 percent to P2.9 billion, it added.
Monde Nissin is the maker of Lucky Me! Instant Noodles. It listed on the Philippine Stock Exchange earlier this year.
“These macro challenges have not altered our focus on executing our long-term growth plans and aspiration of improving the well-being of people in the planet and creating sustainable solutions,” its CEO Henry Soesanto said in virtual briefing.
Logistical challenges such as container shortage and congested ports are just temporary setbacks, said CFO Jesse Teo.
“The logistics issue is more on our ability to ship for exports. It’s just a temporary setback. Once things open up people will figure out how to declog the container van shortage issue. Once it returns to normal, we should resume to normal supply,” Teo said.
The company said it plans to expand the capacity of its P2-billion facility in Malvar, Batangas by 5 to 10 percent.
“We continue to progress on our capacity expansion initiatives with our first noodle line in our newly constructed plant in Southern Luzon, which became operational in September and now is awaiting regulatory approvals to begin shipping products,” Soesanto said.
“We remain on-track with our 2022 capacity expansion plans including additional healthy noodle lines and the completion of our 4th harvester for Quorn Foods,” he added.
Monde Nissin bought the British alternative meat company Quorn in 2015 for $831 million.
Consolidated revenues posted the “strongest growth” for the quarter at 4.1 percent, it said.
Monde Nissin said its Asia Pacific Branded Food and Beverage Business (APAC BFB) sales rose 4.2 percent to P14.1 billion driven mainly by domestic business including a “robust growth” in noodles and stabilization in biscuits.
It’s meat alternative business Quorn Foods posted strong growth driven largely by the international market and is now also available again in the country through digital channels such as Shopee and Lazada.
Monde Nissin said it tapped Hollywood actress Drew Barrymore to raise Quorn brand awareness in the US.
Although it is yet to gain significant market share locally after being reintroduced recently, Teo said it’s vital to make these products available in the company’s “home market.”
SkyFlakes, FITA, M.Y. San Grahams, and Jelly Vit are among Monde Nissin’s other brands.