Food Empire shares close 4.9% higher on record quarterly revenue

[SINGAPORE] Shares of instant coffee specialist Food Empire climbed as much as 9.7 per cent in intraday trading on Thursday (May 14) after it reported record first-quarter sales.

The counter rose as much as S$0.30 to S$3.38 as at 9.03 am after Food Empire on Wednesday posted a 16.9 per cent rise in revenue to US$159.7 million for Q1.

Its board also approved a one-for-five bonus share issue, in which shareholders will receive one bonus share for every five ordinary shares held.

Food Empire closed at S$3.23, S$0.15 or 4.9 per cent higher, after more than 5.5 million shares changed hands.

This was its strongest Q1 revenue performance, due to growth across most markets and a stronger Russian currency.

Revenue in Russia rose 29.4 per cent to US$51 million, fuelled by higher sales, price gains and the rouble appreciating 16.5 per cent against the US dollar during the quarter.

Sales was up 36.4 per cent at US$30.7 million in Central Asia, with product launches and price gains in Kazakhstan and Uzbekistan.

The company’s combined revenue from Asia has surpassed its traditional markets with diversification and brand building efforts since 2013, said group CEO Sudeep Nair.

Food Empire is a global food and beverage group with a market value of S$1.8 billion. It employs 4,000 and has a presence in over 60 markets including Russia and countries in Asia such as Kazakhstan, India and Mongolia.

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Stronger Russian rouble drives Food Empire’s Q1 revenue up 16.9% at US$159.7 million

It was listed in Fortune magazine’s 2025 Fortune Southeast Asia 500 list, joining the ranks of the region’s largest 500 companies by revenue.