F&N profit rises 52.5% YoY in 1H24 despite currency challenges

Attributable profit for the period was $83.8m.

Fraser and Neave Limited (F&N) reported a 52.5% year-over-year (YoY) increase in its attributable profit before exceptional items for the first half of 2024, despite weakness in regional currencies. 

In constant currency terms, the attributable profit would have risen by 59% YoY to $83.8m.

F&N attributed its strong financial position to its food and beverage segment, which grew 4% YoY to $929.8m. Excluding adverse forex translation, F&B 1H2024 revenue improved 8% YoY.

The F&B segment also helped boost the group’s revenue by 2% YoY to $1.1b in 1H24.

All divisions within the F&B segment contributed to the group’s revenue growth, led by Beverages, which recorded a 6% YoY higher revenue of $335.6m.

Lower revenue in the Publishing & Printing (P&P) segment, however, impacted the 1H24 performance of the company.

The P&P segment recorded a 14% YoY lower revenue of $112.9m, driven by reduced print orders and the closure of unprofitable business units.