Food Empire's net profit dips 6.0% YoY to $56.5m in FY23

Despite a decline, the board proposed a dividend of $0.10 per ordinary share.

Food Empire saw its net profit after tax slip by 6.0% YoY to $56.5m in FY23.

Its normalised net profit after tax, however, rose 25.3% YoY to $56.5m. The normalised net profit after tax excludes the one-off gain from the disposal of non-core assets of US$15.0m  recorded in FY22.

The company attributed the increase to higher revenue and better operating margins.

Revenue for the period was $425.7m, 6.9% higher than the FY22 record.

Despite a lower net profit after tax, the company's board proposed a first and final dividend of $.0.05 per ordinary share and a special dividend of $0.05.

The proposed first and final dividend and special dividend are subject to shareholders’ approval at the forthcoming Annual General Meeting of the company scheduled for 19 April.

If approved, the company will pay the first and final dividend and special dividend on 17 May.