Nissin Foods Announces 2023 Q3 Financial Results

HONG KONG, Nov 9, 2023 - (ACN Newswire) - Nissin Foods Company Limited ("Nissin Foods" or the "Company", together with its subsidiaries, the "Group"; Stock code: 1475) today announced its unaudited third quarter financial results for the nine months ended 30 September 2023 (the "Reporting Period").

The Group recorded revenue of HK$2,956.0 million for the Reporting Period. Gross profit increased by 2.8% to HK$1,005.8 million, and gross profit margin increased by 2.6 percentage points to 34.0% from 31.4% (restated) for the corresponding period of 2022. The increase in gross profit margin was mainly attributable to the price adjustments implemented last year and the easing of raw material costs during the Reporting Period. Profit attributable to owners of the Company for the Reporting Period increased by 16.1% to HK$270.4 million, compared with HK$233.0 million (restated) for the corresponding period of 2022.

Revenue from Hong Kong and other Asian operations was HK$1,142.1 million. As for the Mainland China operation, due to the depreciation of the Renminbi against the Hong Kong dollar, revenue of HK$1,813.9 million (in local currency: -0.2%) was recorded for the Reporting Period.

Mr Kiyotaka ANDO, Executive Director, Chairman and Chief Executive Officer of Nissin Foods, said, "We are pleased to have achieved double-digit profit growth amidst the challenging business landscape. During the Reporting Period, the Group continued to implement its strategy of cost control and price adjustment, with the aim of maintaining stable business performance. In view of the uncertain macro environment and economy, we anticipate that the consumer market will remain intense, and therefore we remain cautiously optimistic about the future outlook. Nissin Foods will continue to strengthen its overall competitiveness through a well-diversified product portfolio and premiumisation strategy, while increasing brand recognition in the regions in which it operates, in order to create long-term value for our customers and shareholders."

About Nissin Foods Company Limited

Nissin Foods Company Limited ("Nissin Foods", together with its subsidiaries, 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, primarily focusing on the premium instant noodle segment. The Group officially established its presence in Hong Kong in 1984 and is the largest instant noodle company in Hong Kong. The Group primarily manufactures and sells instant noodles, high-quality frozen food products, including frozen dim sum and frozen noodles, and also sells and distributes other food and beverage products, including retort pouches, snacks, mineral water, sauce and vegetable products under its two core corporate brands, namely "NISSIN" and "DOLL" together with a diversified portfolio of iconic household premium 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 five Hang Seng Indexes, namely: Hang Seng Composite Index, Hang Seng Composite SmallCap Index, Hang Seng Composite Industry Index - Consumer Staples, Hang Seng SCHK Consumption Index and Hang Seng SCHK Consumer Staples Index. Nissin Foods is eligible for trading under Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect. For more information, please visit www.nissingroup.com.hk.