FMF Food Ltd has posted a net profit of $8.5 million on the back of $325.4m sales for its financial year ended June 30, 2023.
In its 2023 annual report filed at the South Pacific Stock Exchange (SPX) where it is listed, FMF Foods chair Jenny Seeto said the group “delivered a very good all-round performance in 2023, among the best in the consumer goods sector”.
“Throughout the year, we continued to execute our brand growth strategy which delivered incremental growth in various categories while substantially increasing our market share,” Ms Seeto said.
“The Group’s operating performance improved in the financial year under review, recording a sales growth of 30 per cent to $325.4m from $250.4m last year.
The increase in sales was achieved across all categories through delivering value to customers, innovation, brand building and judicious price increases to mitigate the effects of rising commodity prices and supply chain costs,” she said.
Profit before tax, at $16.3m, was a 50 per cent increase from $10.8m last year, a “good outcome despite the increase in payroll cost following the increase in the national minimum wage,” Ms Seeto said.
However, the reduction in after tax profit was attributed to the impact of legislated increase in corporate tax rate from 10 per cent to 25 per cent from next tax year, 2023.
The company declared a dividend payout $6m for 2023 financial year, compared to $4.5m in 2022.
FMF shares last traded at $1.85 per share on SPX.
