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May 11, 2021 14:11 JST
Nissin Foods Co Ltd
Nissin Foods Delivers Stable 2021 Q1 Financial Results
Revenue Expands to HK$964.5 million
Achieves 19.5% Revenue Growth in the PRC
HONG KONG, May 11, 2021 - (ACN Newswire) - Nissin Foods Company Limited ("Nissin Foods" or the "Company", and together with its subsidiaries, the "Group"; Stock code: 1475) today announced its unaudited 2021 first quarter financial information for the three months ended 31 March 2021 ("the Reporting Period").
The Group's revenue amounted to HK$964.5 million, representing a year-on-year ("YoY") increase of 9.0% from HK$884.6 million. Gross profit increased by 9.1% YoY to HK$309.9 million (2020: HK$284.2 million), while gross profit margin was maintained at 32.1%, due mainly to the increase in sales in the PRC which offsetted the increase in price of raw materials and other production costs. Profit attributable to owners of the Company was HK$93.2 million (2020: HK$99.0 million).
Revenue from the Group's PRC operations increased by 19.5% YoY (in local currency: increased by 11.4%) to HK$628.8 million (2020: HK$526.2 million), attributable mainly to the organic growth of the instant noodles business and contribution from the Group's distribution business. Revenue from the Hong Kong operations amounted to HK$335.6 million (2020: HK$358.4 million), following a decrease in sales of bag-type instant noodles during the Reporting Period.
During the Reporting Period, the Group has launched the CUPNOODLES MUSEUM Hong Kong in March. The new attraction showcases the Group's vibrancy and ambition to bring new experiences to Hong Kong people and to inspire creativity and curiosity among visitors via educational and entertaining food-related interaction.
The Group also reviews regularly its asset utilisation and efficiency of its production facilities to maintain its leadership position. In line with this strategy, the Group has today announced an investment plan of approximately HK$194 million to consolidate production facilities and install new smart production lines (the "Investment Plan") in its Hong Kong production plants at the Tai Po Industrial Estate. Equipping with advanced production technologies and incorporating state-of-the-art automation and robotics, construction of the new production lines is expected to complete by 2023. The Investment Plan will enhance the Group's production and management efficiency and raise quality control, while ensuring a flexible manufacturing system with an ability to produce a variety of products and provide additional areas for warehousing.
Mr Kiyotaka ANDO, Executive Director, Chairman and Chief Executive Officer of Nissin Foods, said, "Amid the ongoing uncertainties in the global economy since the outbreak of COVID-19 last year, the Group continued to keep serving you, underpinned by our dedication to ensuring a stable supply of affordable, safe and tasty food products in spite of the challenging environment. As a leading food manufacturer, we are committed to investing in a variety of businesses to keep up with the sustainable growth and the integration of advanced technology into the manufacturing process in line with the Group's business development strategy. We will continue investing in our businesses in order to strengthen our overall competitiveness and create sustainable value for our stakeholders."
For details, please refer to the announcement:
About Nissin Foods Company Limited
Nissin Foods Company Limited (The "Group"; Stock code: 1475) is a renowned food company in Hong Kong and the PRC with a diversified portfolio of well-known and highly popular brands and the largest instant noodle company in Hong Kong. The Group officially established its presence in Hong Kong in 1984. The Group primarily manufactures and sells instant noodles, frozen foods and other food products under its two core corporate brands, namely "NISSIN" and "DOLL" together with a diversified portfolio of iconic household premium food brands. The Group's five flagship product brands, namely "Cup Noodles", "Demae Iccho", "Doll Instant Noodle", "Doll Dim Sum" and "Fuku" are also among the most popular choices in their respective food product categories in Hong Kong. In the PRC market, the Group has introduced technology innovation through the "ECO Cup" concept into the market and primarily focuses its sales efforts in first-and second-tier cities in the PRC.
Nissin Foods is a constituent of eight Hang Seng Indexes, namely: Hang Seng Composite Index, Hang Seng Consumer Goods & Services Index, Hang Seng Stock Connect Hong Kong Index, Hang Seng Stock Connect Hong Kong MidCap & SmallCap Index, Hang Seng Stock Connect Hong Kong SmallCap Index, Hang Seng SCHK Mainland China Companies Index, Hang Seng SCHK ex-AH Companies Index, and Hang Seng Small Cap (Investable) Index. For more information, please visit www.nissingroup.com.hk.
Source: Nissin Foods Co Ltd
Sectors: Food & Beverage
Copyright ©2022 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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