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Thursday, 10 November 2022, 12:38 HKT/SGT

Source: Nissin Foods Co Ltd
Nissin Foods Announces 2022 Q3 Results
Revenue Increases by 7.8% to HK$3,081.9 Million
Profit Growth Contributed by Price Adjustment Strategy

HONG KONG, Nov 10, 2022 - (ACN Newswire) - Nissin Foods Company Limited ("Nissin Foods" or the "Company", and together with its subsidiaries, the "Group"; Stock code: 1475) today announced its financial results for the nine months ended 30 September 2022 ("the Reporting Period").

Revenue of the Group increased solidly by 7.8% year-on-year ("YoY") from HK$2,858.6 million to HK$3,081.9 million. Revenue from Hong Kong and China operations respectively grew 11.6% to HK$1,156.6 million and 5.7% to HK$1,925.2 million YoY. Gross profit grew 8.2% YoY to HK$973.5 million (2021: HK$899.4 million) with gross profit margin increased by 0.1 percentage point to 31.6% (2021: 31.5%). Profit attributable to owners of the Company was HK$237.3 million.

The growth in overall gross profit margin and revenue of Hong Kong and Mainland China operations is mainly due to the price adjustments implemented during the Reporting Period. Moreover, for Hong Kong operations, good demand for instant noodles and frozen foods contributed to the revenue growth. For Mainland China operations, growth in sales volume for the cup-type instant noodles also benefits its revenue increase during the Reporting Period.

Mr Kiyotaka ANDO, Executive Director, Chairman and Chief Executive Officer of Nissin Foods, said, "The Group achieved resilient business performance in Hong Kong and Mainland China in spite of global and regional uncertainties during the Reporting Period, thanks to the prudent strategies such as cost-saving measures and price adjustment we implemented. Looking forward, we will remain conscious of the business environment and take necessary measures to improve our production efficiency and flexibility, as well as to enhance our product portfolio in order to delight our consumers and create long-term value for all stakeholders."

About Nissin Foods Company Limited
Nissin Foods Company Limited (The "Group"; Stock code: 1475) is a renowned food company in Hong Kong and Mainland China 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 Mainland China market, the Group has introduced technology innovation through the "ECO Cup" concept and primarily focuses its sales efforts in first-and second-tier cities.

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.

Topic: Press release summary
Source: Nissin Foods Co Ltd

Sectors: Food & Beverage
From the Asia Corporate News Network

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