Indofood, the Indonesia-based food group, today (19 August) reported rising half-year sales and profits, shrugging off the impact El Nino has had on its palm oil production.
The company posted a 4.4% increase in consolidated net sales to IDR34.08trn (US$2.59bn) for the first six months of the year.
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Income from operations was up 4.2% at IDR4.01trn. Indofood said its operating margin remained “stable” at 11.8%. Income for the period attributable to equity holders grew 28.9% to IDR2.23trn.
Anthoni Salim, Indofood’s president director and chief executive officer, said: “Despite lower CPO production due to El Nino, we are pleased that we registered top- and bottom-line growth in the first semester of 2016 thanks to our resilient business model.”
Indofood, which manufacturers food including noodles, dairy, snacks and seasonings, said its consumer branded products division accounted for 52% of sales, up from 50% in the first half of 2015.
The company saw its profits fall in 2015 amid higher finance costs and the impact of foreign exchange.
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