CHOCOLATE confectionery company Delfi : P34 -1.9% on Tuesday (Feb 27) posted a net profit of US$21.1 million for the six months ended Dec 31, 2023, marking a 14.1 per cent decrease from the US$24.5 million booked for the corresponding year-ago period.

 

This came despite a 9 per cent increase in revenue, to US$255.2 million from US$234.0 million in H2 FY2022.

 

Earnings per share stood at 3.44 US cents, a decrease from the 4.01 US cents recorded in the same period a year earlier.

 

For the full financial year, revenue increased by 12.7 per cent, to US$538.2 million from US$477.5 million in FY2022, while net profit rose to US$46.3 million, up 5.4 percent from US$43.9 million the year before.

 

The increase in revenue was attributed to the robust net sales of Delfi&rsquo s own brands and agency brands across the Indonesia and regional markets, with year-on-year sales growth of 9.9 per cent and 16.7 per cent, respectively, for FY2023.

 

For its own-brands portfolio, growth was driven by the group&rsquo s operations in Indonesia and the Philippines for agency brands, growth continued to be driven by the snacking category, it noted.

 

With confidence in the business&rsquo performance, the directors are proposing a final dividend of 1.74 US cents and a special dividend of 0.52 US cents per share.

 

Subject to the approval of shareholders at the group&rsquo s annual general meeting on Apr 23, both dividends are expected to be payable on May 15.

 

John Chuang, chief executive of Delfi, said: &ldquo While year-on-year top- and bottom-line growth slowed in FY2023 as compared to FY2022, it is important to note that although the group&rsquo s performance occurred in a more challenging environment, we were still able to drive our efforts in product innovation and the development of our premium and value categories.&rdquo

 

The group said it remains cautious due to ongoing uncertainties in the global economy and geopolitical landscapes. These factors &ldquo have caused a strain on specific supply chains and sent commodity prices, especially cocoa, soaring&rdquo , it added.