Fraser and Neave net profit up 16% to $83.4m

Fraser and Neave's net profit was driven by higher beer sales during the pandemic.

Fraser and Neave, Limited (F&N)'s net profit rose by 16% to $83.4m for the first half of the year.

In a press statement, the food group said its beverages and dairies businesses drove its profit for the six-month period.

Its food and beverage division's revenue rose by 3% to $868.1m in the first half, driven by beer and soft drink sales. Dairies revenue rose by 1%, driven by exports to Middle East and Africa and higher canned milk sales.

However, revenue in their publishing and printing business declined by 9% to $115.4m due to cancellation and deferment of print orders, closure of borders, and dampened customer sentiment.

Over the last six months, F&N acquired Malaysia-based Sri Nona Group of Companies, and entered into the halal food business.