DMPL FY2023              (May 2022-April 2023) Highlights

  • DMPL generated record sales of US$2.4bn in FY2023, up 3% from prior year on higher sales in the U.S. and international markets
  • Del Monte Foods, Inc. (DMFI) delivered US$1.7bn sales or 72% of Group revenue, mainly driven by branded retail sales growth
  • DMFI acquired the brand and inventory of Kitchen Basics for US$99.0m; Kitchen Basics contributed US$35.1m to FY2023 sales
  • Market leadership maintained in nearly all core categories in the U.S. and Philippines, and for fresh pineapple in China
  • However, higher costs amidst the inflationary environment led to lower Group gross margin of 25.1% from 26.6%, and 3% lower gross profit to US$607.0m
  • New loans taken to fully redeem the US$300m Preference Shares in April and December 2022 led to interest expense of US$14.4m booked in the P&L, whereas before Preference Share dividends were accounted for in the balance sheet, not P&L
  • One-off costs of US$55.2m mainly due to the early redemption of DMFI’s Notes which had a high interest rate of 11.875%
  • Without one-off costs, the Group generated:
    • EBITDA of US$337.2m, down 4%
    • Net profit of US$72.2m, down 28%
  • Including one-off costs, the Group generated:
    • EBITDA of US$329.7m, down 6%
    • Net profit of US$16.9m from US$100.0m in the prior year
  • Final dividend of US$0.0013 or 15% of FY2023 net profit
  • DMPL won the Best Managed Board (Silver) Award from the Singapore Corporate Awards and received the Singapore Corporate Governance Award from the Securities Investors Association (Singapore)
  • Del Monte Philippines obtained the Rainforest Alliance certificate for its fresh pineapple and juicing plant; moreover, following BSI’s certification of its pineapple operations’ negative carbon footprint last year, DMPI is now measuring a broader scope 3 beyond pineapple, including toll packers, top suppliers, and logistics providers
5 Years 2023