Shares of JB Foods, Food Empire soar on positive earnings

[SINGAPORE] Shares of food exporters in Singapore JB Foods and Food Empire on Thursday (Nov 13) jumped significantly in early trade following their positive financial results.

JB Foods’ shares as at 9.01 am reached S$0.70, trading over 17.5 per cent higher, and thereafter trading at S$0.635 by 9.16 am. It later climbed back to S$0.655, up 17 per cent by 9.32 am.

At market open, shares of Food Empire hit S$2.50, up by 6.4 per cent. It was still trading 5.5 per cent higher at S$2.48 as at 9.02 am, before easing to S$2.43 shortly after, up 3 per cent. The shares surged again to S$2.49 by 9.18 am, up 6 per cent.

On Wednesday evening, Food Empire posted a revenue of US$152.6 million for the third quarter, up 28.3 per cent from the corresponding period a year earlier. The rise came on the back of strong growth across its segments in Europe, specifically Russia, Ukraine, Kazakhstan and the Commonwealth of Independent States, said the group.

As for JB Foods, it reported a net profit of US$59.4 million for the first half ended Sep 30, reversing from a loss of US$51.9 million the year prior.

It also announced a special dividend of S$0.028 per share, plus an interim dividend of S$0.002 a share. Both will be paid out in December.

SEE ALSO

JB Foods swings into the black with US$59.4 million H1 net profit, declares special dividend

Food Empire’s Q3 revenue rises 28.3% to US$152.6 million

The chocolate company noted that it had also achieved record earnings before interest, taxes, depreciation and amortisation (Ebitda) of US$89.9 million, in a turnaround from its year-ago loss of US$44.4 million.

The mainboard-listed company attributed the improvement to operational enhancements, higher hedging gains, and better margins from customers’ contracts delivered during the period.