DMPL FY2021 (May 2020-April 2021) Highlights
- DMPL generated sales of US$2.2bn in FY2021, up 2% from prior year on higher sales in the Philippines, Asia and Europe offsetting the strategic exit from non-core private label in the USA
- Del Monte Foods, Inc. (DMFI) USA accounted for US$1.5bn of revenues, or 70% of Group sales, driven by branded retail sales growth
- Del Monte Philippines, Inc. (DMPI) delivered record sales of US$705.8m, up 14%
- Group gross margin expanded 450 bps to 25.7% from 21.2% on better sales mix, lower trade promotions and costs
- Delivered strong profitability with EBITDA more than doubling to US$309.0m from US$142.2m, and net profit soared to US$63.3m, reversing the US$81.4m loss in the prior year; no one-off items in FY2021
- FY2021 marks the year that DMFI generated profits for the year with net profit of US$15.1m, reversing the loss of US$100.4m which included one-off expenses incurred in plant closures last year, which yielded US$40m savings in FY2021
- DMPI, the Group’s most profitable subsidiary, achieved record net profit of US$94.5m, up 40%
- DMFI successfully completed refinancing, raising US$1.3bn; credit ratings of its bonds were upgraded in April 2021
- DMPI successfully raised PhP6.47bn (US$134m) worth of fixed-rate bonds, with Aaa credit rating, the highest rating assigned by the Philippine Rating Services Corporation
- Completed DMPI’s private placement of US$130m
- DMPL reduced net debt to US$1.3bn, lowering gearing to 2.0x from 2.4x equity
- Final dividend of US$0.012 representing 37% of net profit
- DMPL received a special commendation for being the highest ranked mid-cap company, a first for the Company, in the Singapore Governance and Transparency Index in August 2020
- Two products were voted 2021 Product of the Year in different categories in the US: Del Monte Deluxe Gold in Fruit and Del Monte Veggieful Pocket Pies in Convenience Meal
