F&N full-year profit falls 6.4% to S$141.3 million despite higher revenue in F&B segment

[SINGAPORE] Beverage and publishing company Fraser and Neave ( F&N ) on Wednesday (Nov 12) announced a 6.4 per cent fall in net profit to S$141.3 million for the financial year ended Sep 30, from S$150.9 million a year earlier.

The profit before interest and tax rose 3.7 per cent to S$308.1 million, supported by higher food and beverage (F&B) sales, as well as a more favourable commodity and currency environment, the company said in a statement.

However, profit after taxation for the period fell 4 per cent to S$210.4 million, from S$219.1 million the year before.

This was mainly due to higher tax expenses arising from the expiry of a tax incentive at a subsidiary in Thailand.

Earnings per share stood at S$0.097 for the full year, down from S$0.104 a year earlier.

Net asset value per share as at end-September 2025 was at S$1.90, down from S$1.97 as at Sep 30, 2024.

Revenue of the group increased by 7.4 per cent to S$2.3 billion, from S$2.2 billion in FY2024.

This was largely driven by the robust performance in its F&B segment, which achieved a 9 per cent increase in revenue to S$2 billion.

All divisions within the F&B segment contributed to the group’s growth, said the beverage conglomerate in the filing.

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F&N noted that within the segment, beverages (comprising beer and soft drinks) posted a 15.5 per cent year-on-year increase in revenue to S$772.1 million, on the back of stronger beer sales, higher bottled water volumes and new product launches. This was mainly from beer operations in Myanmar as the group’s Tapper beer, launched in mid-2024, continues to gain traction and drive higher sales volume.

As for growth in soft drinks, the revenue was supported by higher water volumes and new product launches.

It also benefited from reduced input costs and “favourable forex translation”, said the company.

The revenue for the dairies segment was S$1.3 billion for the full-year, up 5.7 per cent year on year due to higher sales in Thailand and Malaysia, which were lifted by strong export and domestic canned milk sales in key markets, on top of positive forex translation.

The commencement of commercial milking operations at F&N AgriValley, alongside maiden contribution from the Malaysia School Milk Programme, also supported the increase in revenue.

Cash and cash equivalents for the 12 months stood at S$363.5 million, down from S$529.6 million for FY2024.

The board proposed a final dividend of S$0.04 per share. Together with the interim dividend of S$0.015 paid out in June 2025, the total dividend for FY2025 amounts to S$0.055, unchanged from the previous year.

F&N noted that during the year, the group’s integrated dairy farm in Malaysia continues to make strong progress and remains “on track towards commercial scale-up”. It said that the farm welcomed its first commercial herd of 2,500 dairy cattle in April 2025 and herd expansion has since progressed well.

Over 6,500 cattle are housed at present, of which 2,500 dairy cattle have just arrived and are under quarantine.

It noted that pilot milking operations started in mid-2025 and the adjacent dairy manufacturing facility is on track to begin commercial production in the first quarter of 2026. This will be marketed under the F&N Magnolia brand.

In Cambodia, F&N continues to strengthen its regional manufacturing capabilities with the development of a new dairy manufacturing facility.

“Construction of the plant is progressing as planned, with operations expected to commence early 2026,” added the company.

Shares of F&N ended flat at S$1.50 on Tuesday.