F&N net profit jumps 10.4% in M9 despite revenue decline

Earnings per share before exceptional items rose 11% to $0.09.

Fraser and Neave, Limited (F&N) reported a 10.4% increase in net profit attributable to shareholders before exceptional items to $130.6m for the nine months ended June 30, 2026 (M9 2026).

Profit after tax rose 4.5% to $177.1m, whilst profit before interest and tax (PBIT) increased 13.6% to $266.9m.

PBIT margin widened by 276 basis points to 16%.

The higher PBIT was driven by improved margins and stronger contributions from Vinamilk.

Beer and Printing & Publishing (P&P) also improved from a year earlier.

However, F&N said its results continued to be affected by geopolitical disruptions in Thailand and higher operating costs at F&N AgriValley.

Group revenue fell 6% to $1.77b, mainly due to foreign-exchange effects and weaker external market conditions.

Food and beverage sales fell 7% to $1.46b.

Within beverages, soft drinks continued to record growth, whilst beer revenue declined, largely due to unfavourable foreign-exchange translation following the adoption of accounting standards.

Dairies revenue was affected by weaker demand in Thailand, including lower exports linked to geopolitical disruptions.

This was partly offset by the School Milk Programme and higher HORECA sales in Malaysia, as well as new product launches and trade promotions in Singapore.

Earnings per share before exceptional items rose 11% to $0.09.

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