Business
Nissin Foods : 1475.HK) Announces 2024 Annual Results
Nissin Foods : 1475.HK) Announces 2024 Annual
About this update from Nissin Foods Co., Ltd.
[{"type":"text","content":"[For Immediate Release]\n (Incorporated in Hong Kong with limited liability)\n Stock code: 1475\n Nissin Foods Announces 2024 Annual Results\n Resilient business operation ensures stable performance under challenging landscape\n Highlights\n ◆ While revenue dipped 5.5% in the first half, it remained nearly flat year-on-year, with a notable 4.6% growth in the second half, primarily driven by a strong focus on noodle sales.\n ◆ Recognition of one-off non-cash impairment-related charges of HK$135.9 million reflects the Company's proactive approach to managing financial risks. Adjusted EBITDA grew to HK$612.5 million year-on-year.\n ◆ Completed the acquisition of Gaemi Food in Korea and ABC Pastry in Australia to capitalize on reshaped global supply chains and consumption patterns.\n ◆ Proposed a final dividend of 9.63 HK cents and a special dividend of 6.19 HK cents per share, totalling 15.82 HK cents per share, subject to shareholder approval.\n (Hong Kong, 26 March 2025) Nissin Foods Company Limited (\"Nissin Foods\" or the \"Company\", together with its subsidiaries, the \"Group\"; Stock code: 1475) has announced its annual results today for the year ended 31 December 2024.\n The Group recorded revenue at HK$3,811.9 million. Although revenue fell 5.5% in the first half, it remained nearly flat year-on-year, with a 4.6% increase in the second half, largely due to strong noodle sales. Gross profit increased by 0.7% to HK$1,312.1 million, with gross profit margin increased by 0.4 percentage points to 34.4% in 2024 from 34.0% in 2023. The increase in gross profit margin was mainly attributable to the optimisation of fixed costs led by the increase in sales volume of instant noodles.\n Profit attributable to owners of the Company decreased by 39.1% year-on-year to HK$201.0 million, representing the net profit margin of 5.3% for the year, mainly due to the recognition of non-cash impairment-related charges of HK$135.9 million, primarily consisted (i) impairment loss on property, plant and equipment relating to eight less profitable production facilities under complementary business such as long life noodles, non-fried noodles, and frozen food in Mainland China and Hong Kong, (ii) impairment loss on property, plant and equipment and right-of-use assets of the leasehold property for warehouse use in Hong Kong, and (iii) impairment loss ...