Beverage barriers: Yeo’s predicts challenging year ahead after mixed 2023 financial results
Yeo’s recently announced its FY2023 full year financial results, reporting a -7.1% decrease in total revenue to S$332.7mn (US$247.7mn) from S$358.1mn (US$266.6mn) in FY2022, but a 179.2% increase in net profits to S$6.7mn (US$4.99mn) from S$2.4mn (US$1.79mn) the year before. Much of this was contributed to the firm’s performance in the second half of 2023
Haleon FY23 results: VMS brands Centrum, Caltrate gain shares in declining market, says CEO
In its FY23 annual results announced on February 29, the London stock exchange-listed company said that its VMS portfolio saw a 2.1 per cent decline in revenue on a reported basis to £1.640 bn (US$2.076). Centrum, Caltrate, and Emergen-C are the three core VMS brands for the company. Centrum was said to have delivered mid-single
Food safety investments: South Korea looks to boost local HACCP advancement
South Korea has long viewed HACCP as a critical food safety strategy, having maded certification mandatory for all foreign food firms exporting to South Korea back in 2020. The Ministry of Food and Drug Safety (MFDS) is now eyeing more significant development in this area for local food firms, and has announced that a specific
Dual strategies: Nestle Malaysia hopes ‘core brand strength’ and local production can beat ‘subdued’ consumer sentiment
Nestle Malaysia recently announced its FY2023 full-year financial results, reporting a 5.8% year-on-year increase in turnover to RM7.05bn (US$) from RM6.66bn (US$) in FY2022; as well as increased Profits After Tax (PAT) to RM659.9mn (US$) with the latter mostly attributed to lower taxes after Malaysia removed the COVID-19-related Prosperity Tax in 2023. According to the
TikTok Shop reopens in Indonesia but supplement sales yet to return to pre-closure volumes
Sales of FMCG and beauty products, however, have seen their sales surpassing pre-closure levels, according to Indonesia e-commerce market research firm Compas.co.id. It noticed that while TikTok Shop has reopened, the dietary supplement category experienced a notable decrease in sales quantity, down by 38 per cent as compared to the period before closure. TikTok Shop
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