Fraser and Neave (F&N) has reported a strong increase in full-year profits, bolstered by higher sales and the divestment of Kingway Brewery.
For the year to the end of September, net profits amounted to US$1.11bn, an 87.6% jump on the previous year. Profits before tax improved by 8% to US$1.15bn, the company reported today (15 November).
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The Singapore-based food and beverage firm realised exceptional gains of US$175m in the period as a result of corporate and debt restructuring, as well as its share of the sale of its interest in Kingway Brewery Holdings in May. Net sales in the period climbed by 10% to US$6.27bn.
The company’s food and beverage division accounted for around 45% of group profits in the period, up from 43% last year.
“Food and beverage continued to chalk up solid profits growth this year despite rising input cost and a strong Singapore dollar, by staying focused on its strategic priorities of brand building, consumer-focused innovation, investment and cost management,” said F&N’s chairman, Lee Hsien Yang.
