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.
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.
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.
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,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions and in this news release include statements respecting the name and symbol change, and the anticipated effective date thereof. Although the Company believes that the expectations and assumptions on which such forward- looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward- looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws
Neither the Neo Exchange nor IIROC accepts responsibility for the adequacy or accuracy of this press release.
SMITHFIELD, Va. – WEBWIRE – Thursday, December 22, 2022
Smithfield Foodsannounced senior management team changes following Chief Operating Officer Brady Stewarts decision to depart the company. Stewart resigned from Smithfield today to accept a position with an industry competitor.
While the company evaluates longer-term organizational changes, members of Smithfields operations team including those leading hog production, manufacturing, fresh pork, business management and sales report to President and CEO Shane Smith, effective immediately.
We have a talented management team and regret the loss of a valued leader like Brady, said Smith. Fortunately, we have a deep bench of senior executives with extensive experience at our company. We thank Brady for his many contributions to Smithfield over the last six years and wish him well.
About Smithfield Foods, Inc.
Headquartered in Smithfield, Virginia, since 1936,Smithfield Foods, Inc.is an American food company with agricultural roots and a global reach. With more than 60,000 jobs globally, we are dedicated to producing Good food. Responsibly. and serve as one of the worlds leading vertically integrated protein companies. We have pioneered sustainability standards for more than two decades, including our industry-leading commitments to become carbon negative in our U.S. company-owned operations and reduce GHG emissions 30% across our entire U.S. value chain by 2030. We believe in the power of protein to end food insecurity and have donated hundreds of millions of food servings to our communities. Smithfield boasts a portfolio of high-quality iconic brands, such as Smithfield, Eckrich and Nathans Famous, among many others. For more information, visitwww.smithfieldfoods.com,
. Through its Core Values, Tyson Foods strives to operate with integrity, create value for its shareholders, customers, communities and team members and serve as a steward of the animals, land and environment entrusted to it. Visit www.tysonfoods.com.
