Food Empire posts 14.5% YoY revenue growth in 1Q24

The company sees gains from 2Q24 with Malaysian expansion.

SGX-Mainboard listed Food Empire posted 14.5% YoY revenue of $158.8 (US$117.5m), withstanding the rising cost of raw materials and significant depreciation of the Russian Ruble.

Russian Ruble fell 23.6% against the US dollar compared to 1Q23.

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Food Empire expects an improved performance from 2Q24 onwards with the expansion of its non-dairy creamer production facilities in Malaysia.

The group has also started the construction of an additional snack factory in Malaysia, which will increase production capacity for the snack business from 2025 onwards.