Delfi Limited’s EBITDA down 27.2% to $21.9m in Q1 on lower sales in Indonesia

Higher cocoa bean prices continue to weigh on chocolate manufacturers globally.

Delfi Limited has reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of US$17m (about S$21.97m) in Q1 2025, 27.2% lower compared to the same period in 2024, according to its latest bourse filing.

Gross profit margin is 2.2 percentage point (ppt) lower at 28% in Q1 2025, compared to 30.2% in Q1 2024.

Net sales are 0.5% lower at US$149.8m (S$193.6m).

In its bourse filing, Delfi Limited noted ongoing challenges in the chocolate industry, uncertain economic conditions, and weaker regional currencies.

“The performance was affected by weaker regional currencies, particularly the Indonesian Rupiah, and the impact from lower sales in our Agency Brands business following decisions by certain agency partners in Indonesia which reduced promotional spending for their products during the period,” it stated.

Own Brands sales for Indonesia were higher particularly for the company’s premium products, driven by greater promotional investment, Delfi Limited added.

Cash balance rose to US$70.4m at end-March 2025, up from $43.8m at end-December 2024.

Looking ahead, Delfi Limited expects the challenging global environment and high cocoa prices to persist.

“High cocoa bean prices continue to be the most significant headwind for chocolate manufacturers globally and are expected to continue exerting pressure on industry earnings,” it said.

(US$1 = S$1.29; as of 21 May 2025, Google)

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