Nissin Foods Announces 2024 Q3 Financial Results

HONG KONG, Nov 11, 2024 - (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 2024 (the “Reporting Period”).

The Group recorded revenue of HK$2,862.2 million for the Reporting Period, compared with HK$2,956.0 million for the corresponding period of 2023. The Group’s revenue slightly increased by 1.3% year-on-year from July to September, mainly due to the sales expansion of certain cup-type instant noodles in Mainland China. The consolidated gross profit for the Reporting Period amounted to HK$997.4 million (2023: HK$1,005.8 million). The gross profit margin increased by 0.8 percentage points to 34.8% in 2024 from 34.0% in 2023, primarily due to the reduction in raw materials and purchase costs during the period.

Revenue from the Hong Kong and other Asia operations was HK$1,097.7 million. As for the Mainland China operation, due to weaker consumer sentiment and the depreciation of the renminbi against the Hong Kong dollar, revenue for the Reporting Period was HK$1,764.5 million.

Mr Kiyotaka ANDO, Executive Director, Chairman and Chief Executive Officer of Nissin Foods, said, “We are pleased to see an upward trend in our performance since the second half, reflecting the positive impact of our strategic sales initiatives. Alongside our organic growth, the consolidation of Korean snack manufacturer Gaemi Food in September has started to gradually unfold long-term benefits. It is worth noting that our recent M&A efforts would strengthen our business adaptability and resilience, ensuring stable performance. We aim to continually diversify our product portfolio and increase brand recognition in the markets where we operate, thereby sharpening our competitive edge. This will enable the Group to maintain steady performance and consistently deliver sustainable value to 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. In addition, Nissin Foods operates business in other Asian regions including Vietnam, Taiwan and Korea markets.

Nissin Foods is currently 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.