Nissin Foods (Hong Kong) Charity Fund Continues Supporting Talents in Food and Nutritional Sciences
HONG KONG, Jan 12, 2024 – (ACN Newswire) – Nissin Foods (Hong Kong) Charity Fund (“Charity Fund”) has successfully held the 2023-2024 Nissin Foods Scholarship Presentation Ceremony today, together with The Chinese University of Hong Kong (“CUHK”), to award scholarships covering full tuition fees for a total of ten awardees for the 2023-2024 academic year.
Established by the Charity Fund and CUHK in 2023, the scholarship aims to encourage undergraduate and postgraduate students of CUHK’s Food and Nutritional Sciences (Hons) programme to pursue academic excellence. The three new awardees are: LAM Tsz Hang and SHUM Wai Hang from the Bachelor’s degree programme, and ZHOU Dandan from the PhD programme.
Apart from extending their support to new awardees, the Chairty Fund also made it a renewable scholarship which intends to support the students throughout their study period, so that the students could focus on their studies without worrying about their financial burden. The seven renewed awardees are CHAN Hoi Yi, HSU Po Ling, KWAN Ka Yi, LAM Shuk Fan, WONG Wai Yee from the Bachelor’s degree programme, and KEI Nelson, LIN Yuhong from the PhD programme.
Mr. Kiyotaka ANDO, Chairman of Nissin Foods (Hong Kong) Charity Fund, said, “As a leading food manufacturer in Hong Kong and worldwide, Nissin Foods is committed to discovering the possibilities of food and creating good tastes. We also believe that people working in the food industry must have the heart to serve society. That belief motivates us to establish the scholarship with CUHK to nurture outstanding and caring food professionals and even future industry leaders, so as to contribute to the development of the food industry in Hong Kong.”
Professor Anthony CHAN, Pro-Vice-Chancellor and Vice-President of CUHK, expressed his gratitude for the generosity of the Charity Fund, said, “The spirit of the founder of Nissin Foods, Mr Momofuku Ando, of being creative, staying curious and pushing boundaries in order to make a difference in our everyday lives, has inspired a lot of us. The determination to create foods to serve society remains at the heart of the operation in Nissin Foods; and their dedication to continue to nurture the next generation through supporting education in food science is truly admirable.”
At the ceremony, Mr. LAM Tsz Hang, on behalf of all the scholarship recipients, thanked the Charity Fund and CUHK for setting up the scholarship scheme and presented a letter of appreciation to the representative of the Charity Fund. He said, “As emphasized in one of the Nissin Foods Rules, ‘Strive for new experiences and wisdom. The future is bright for those who constantly challenge themselves.’ Your trust in our abilities inspires us to push beyond our limits and reach greater heights.”
Mr. Kiyotaka ANDO, Chairman of Nissin Foods (Hong Kong) Charity Fund (middle right), and Professor Anthony CHAN, Pro-Vice-Chancellor and Vice-President of CUHK (middle left), attended the 2023-2024 Nissin Foods Scholarship Presentation Ceremony today. The seven renewed awardees are: (front, from left to right) KWAN Ka Yi, HSU Po Ling, CHAN Hoi Yi, LAM Shuk Fan, WONG Wai Yee from the Bachelor programme, and KEI Nelson, LIN Yuhong from the PhD programme. The three new awardees this year are (back, from left to right) LAM Tsz Hang and SHUM Wai Hang from the Bachelor programme, and ZHOU Dandan from the PhD programme.
About Nissin Foods (Hong Kong) Charity Fund
The Nissin Foods (Hong Kong) Charity Fund (“Charity Fund”) was set up in September 2020 by way of a trust deed by Nissin Foods Company Limited (Stock code: 1475). The objectives of the Charity Fund are: a) to advance education, teaching, learning, arts, science and academic research; b) to make provision for people in need; and c) to carry out works of a charitable nature that are beneficial to the Hong Kong community.
Topic: Press release summary
Nissin Foods Announces 2023 Q3 Financial Results
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.
Topic: Press release summary
Nissin Foods Announces 2023 Interim Results, Net Profit Increases by 6.4% to HK$171.7 Million
Nissin Foods Company Limited (“Nissin Foods” or the “Company”, together with its subsidiaries, the “Group”; Stock code: 1475) has announced its unaudited interim results for the six months ended 30 June 2023 (“the reporting period”).
The Group recorded revenue of HK$1,929.3 million for the reporting period. Gross profit grew by 1.9% to HK$658.3 million, boosting gross profit margin by 2.7 percentage points to 34.1% in 2023 from 31.4% (restated) in 2022. The increase in gross profit margin was mainly attributable to the price adjustments implemented in both Hong Kong and Mainland China in 2022 to offset the surge in manufacturing costs, as well as the easing of the key raw material costs.
Profit attributable to owners of the Company increased by 6.4% year-on-year to HK$171.7 million, improving the net profit margin from 7.9% to 8.9%. Profit and profitability improved over the same period last year mainly due to the implementation of price adjustments to offset the leap in production costs and the profit contribution from the acquisition of minority interests in Zhuhai Golden Coast Winner Food Products Limited last year. The Group’s basic earnings per share for the reporting period increased to 16.45 HK cents.
The financial position of the Group remained healthy, with net cash of approximately HK$1,138.0 million and HK$820.0 million in available banking facilities as at 30 June 2023. The Group had no external borrowing as at 30 June 2023.
Review & Prospects of Instant Noodles and Non-Noodles Businesses
During the reporting period, revenue from Hong Kong and other Asia operations was HK$751.5 million. Its segment results jumped by 26.8% to HK$56.0 million. Meanwhile, for Mainland China operations, revenue of HK$1,177.8 million was recorded for the reporting period, and its segment results amounted to HK$160.6 million. Excluding the foreign currency impact, both segment results improved due to the implementation of price adjustments and the easing of raw material costs.
To drive the instant noodles business, the Group has continued to implement the premiumisation strategy and launch new products to enrich the portfolio. New flavours have been introduced to the “Cup Noodles”, “Raoh”, “Nissin U.F.O”, “Fuku” and “Doll” brands to encourage additional consumption. During the reporting period, the Company offered three premium Japanese flavours of “Cup Noodles” Regular Cup to consumers. To provide consumers with an exciting and enjoyable experience, the Company collaborated with Japanese anime “Jujutsu Kaisen” and “Onmyoji” to launch crossover “Cup Noodles” products respectively in Hong Kong and Mainland China.
The diversification of the portfolio into non-noodles business continues and has reinforced a solid foundation for the Group to overcome adversity. During the reporting period, the Company has further expanded its exposure in various distribution channels to meet the intensified competition in the frozen food industry, while the strategy in Mainland China seems to be effective as the sales volume of frozen food products recorded satisfactory growth. The distribution business in Hong Kong recorded a substantial rebound during the first half of 2023 owing to the easing of pandemic and the revival of economic activities alongside with gradual pick-up in the number of tourist arrival. On top of it, the Company has also completed the acquisition of Hong Kong Eastpeak Limited, which wholly-owns Eastpeak Trading (Shanghai) Co., Ltd., thereby expanding the Group’s distribution network in Mainland China. In addition, the performance of the “Kagome” business was outstanding following the relaxation of pandemic restrictions, and its products received remarkable consumer response from new markets in Southeast Asia. “Aojiru”, a Japanese vegetable drink made from kale, has been strategically added to our portfolio to capture the health-conscious consumers in Mainland China. The Group also saw the sales volume of “Nissin Granola” grow progressively in overseas markets, with a new flavour added to enhance the product collection during the reporting period. In addition, the fresh-cut vegetables business has shown a rising demand and the distribution channels continued to expand ranging from supermarkets to restaurants, cafeterias and coffee shops.
Mr Kiyotaka ANDO, Executive Director, Chairman and Chief Executive Officer of Nissin Foods, said, “The consumer market remains a competitive landscape. We are pleased to see that the strategic initiatives implemented earlier in our business have started to gain positive results, demonstrating outstanding foresight and management capabilities of our management team.
“Our outlook remains cautiously optimistic. To address the future challenges, we will continue to roll out more premium products to delight consumers and pursue further diversification of the business portfolio to non-noodle business. In Mainland China, we will carry on the geographic expansion strategy to penetrate into more areas alongside the development of additional sales channels. In addition, we believe that the acquisition of Nissin Vietnam will enable the Group to explore more market opportunities for premium instant noodles products in Vietnam. Going forward, Nissin Foods will continue to reinforce its overall competitiveness through a well-diversified product portfolio and premiumization strategy, while increasing brand recognition in the operating regions 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 eight Hang Seng Indexes, namely: Hang Seng Composite Index, Hang Seng Consumer Goods & Services Index, Hang Seng Stock Connect Hong Kong Index, Hang Seng Stock Connect Hong Kong MidCap & SmallCap Index, Hang Seng Stock Connect Hong Kong SmallCap Index, Hang Seng SCHK Mainland China Companies Index, Hang Seng SCHK ex-AH Companies Index, and Hang Seng Small Cap (Investable) 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.
Topic: Press release summary
Nissin Foods Completes Acquisition of Equity Interest in Hong Kong Eastpeak Limited
Nissin Foods Company Limited (“Nissin Foods”, together with its subsidiaries, the “Group”; Stock code: 1475) completed today the acquisition of 19% equity interest in Hong Kong Eastpeak Limited (“Hong Kong Eastpeak”), which wholly owns Eastpeak Trading (Shanghai) Co., Ltd. (“Shanghai Eastpeak”), making the two companies officially its wholly-owned subsidiaries on 3 July 2023.
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| Shanghai Eastpeak distributes Japanese food and beverage products in Mainland China. The key brands and products include: Demae Iccho crisp choco, Demae Iccho Yingyou green juices, KAGOME vegetable juices, Koikeya potato chips, Akai Bohshi biscuits and UCC coffee drinks, covering more than 300 products in 6 different categories. |
Shanghai Eastpeak, which carries imported Japanese brand food and beverage products, is the distribution arm of the Group in Mainland China. Key brands it distributed include: Nissin, Demae Iccho, KAGOME, UCC and Akai Bohshi, etc., covering more than 300 products in 6 different categories. Its sales network comprises large domestic chain stores, high-end boutique supermarkets, convenience stores, and major online platforms in Mainland China.
Mr. Kiyotaka ANDO, Executive Director, Chairman and Chief Executive Officer of Nissin Foods, said, “With the acquisition completed, we will have greater flexibility in deploying our operational capabilities in Mainland China. Distribution business is of strategic importance to the Group in achieving vertical development. We can now speed up integrating the business into the Group and expect to see greater yet synergies generated between the business and MC Marketing & Sales (Hong Kong) Limited, our distribution arm in Hong Kong, ultimately helping the Group improve its income and overall competitiveness.”
In January 2020, Nissin Foods and Ms. LIU Feng, director and general manager of Shanghai Eastpeak, entered into a shareholders’ and cooperation agreement to form a joint venture company i.e. Hong Kong Eastpeak, 81% held by Nissin Foods and 19% by Ms. LIU. After Ms. LIU’s resignation from Shanghai Eastpeak in December 2022, the Group exercised the relevant call option and acquired her 19% stake in Hong Kong Eastpeak.
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 eight Hang Seng Indexes, namely: Hang Seng Composite Index, Hang Seng Consumer Goods & Services Index, Hang Seng Stock Connect Hong Kong Index, Hang Seng Stock Connect Hong Kong MidCap & SmallCap Index, Hang Seng Stock Connect Hong Kong SmallCap Index, Hang Seng SCHK Mainland China Companies Index, Hang Seng SCHK ex-AH Companies Index, and Hang Seng Small Cap (Investable) 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.
Topic: Press release summary
Holy Cow Foods to Change Name to NextGen Food Robotics
By: Holy Cow Foods Inc.
VANCOUVER, British Columbia – Jan. 19, 2023 – PRLog — Vancouver, British Columbia, January 19, 2022 – Holy Cow Foods Inc. (NEO: HOLY; OTC Pink: HCWFF; Frankfurt: Z34) (“Holy Cow” or the “Company“) is pleased to announce that, subject to acceptance from the NEO Exchange, it intends to change its name to “NextGen Food Robotics Corp.”. The stock symbol under which the Company’s shares trade will also change to “NGRB”. In accordance with the Company’s articles, the name and symbol change was approved by resolution of the Company’s board of directors. No action will be required to be taken by shareholders with respect to the name or symbol change.
The Company’s shares are expected to begin trading under the new name and new symbol at market open on or around January 25, 2023.
The Company is a food manufacturing company that develops, co-packs and manufactures foods using automated machines. The Company has acquired a suite of fully automated machines that will, once operational, have a rated capacity of approximately 20 litres / minute (soups and sauces), 50 units / minute (dumplings) and 200 units / minute (patties). The machines are currently being commissioned and are expected to be operational within the next sixty days. The Company’s pivot towards relying on automated machinery was intended to better serve its clients’ food co-packing and manufacturing needs and keep up with the Company’s competitors in the food production industry. The Company expects to formally secure a number of production and packaging contracts as soon as its new machines are operational. The Company’s new name will better reflect this operational focus.
The Company will continue to use the name ‘Holy Cow Foods’ in connection with certain of the Company’s offerings.
About Holy Cow
Holy Cow is an automated food co-packer and manufacturer and ghost kitchen operator.
For Further Information:
For investor inquiries or further information, please contact: Paul Rivas, Chief Executive Officer
1 (236) 471-1357
privas@originalholycow.com
Cautionary Note on Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of applicable securities laws with respect to the Company. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,”
Neither the Neo Exchange nor IIROC accepts responsibility for the adequacy or accuracy of this press release.
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