MANILA - Monde Nissin, the company behind the popular Lucky Me instant noodles, disclosed that its net income declined in the first half even as sales edged up.
The company said on Thursday its unaudited core net income at ownership declined by 12.9 percent to P4.3 billion in the six months of the year compared to the same period in 2020
Net sales meanwhile reached P33.8 billion, up 1.2 percent compared to same period last year.
The company said the income decline was partly due to “high base effects.”
Monde Nissin chief financial officer Jesse Teo said that unlike other companies that experienced a plunge in sales during the hard lockdowns imposed in the first half of last year, Monde Nissin actually saw sales surge.
“Revenues in the first half of 2020 reflected the surge in relief orders from the Taal Volcano eruption in January and February as well as pantry stocking at the beginning of the COVID Pandemic,” the company said in a statement.
Treo said that the company even dropped advertising expenses last year as its products flew off the shelves.
For this year, however, Monde Nissin’s core EBITDA declined 14.5 percent to P7.2 billion due to increased investment in new product development and higher advertising and promotion spending for brand building.
Monde Nissin CEO Henry Soesanto meanwhile said the company’s business proved resilient in the first half.
“We undertook some price increases in June to partly recover rising commodity input costs and continue to implement supply chain cost savings,” Soesanto said.
The company’s chief strategy officer David Nicol meanwhile said Monde Nissin aims to substantially grow its meat alternative business by expanding in the US.