DMPL FY2022 (May 2021-April 2022) Highlights
- DMPL generated record sales of US$2.3bn in FY2022, up 8% from prior year on higher sales in the USA and international markets
- Del Monte Foods, Inc. (DMFI) accounted for US$1.65bn or 70% of Group revenue, driven by branded retail sales growth; canned vegetable market share reached a five-year high
- Del Monte Philippines, Inc. (DMPI) delivered record sales of US$729.5m, higher by 3%
- Group gross margin expanded 90 bps to 26.6% on better sales mix, proactive cost management and strategic price increases to cover increasing costs
- Delivered strong profitability with record EBITDA of US$351.5m, up 14% from US$309.0m, and highest ever net profit of US$100.0m, up 58% from US$63.3m; no one-off items in FY2021 and FY2022
- DMFI sustained its robust profit growth, more than tripled its net profit to US$54.3m
- DMPI, the Group’s most profitable subsidiary, achieved record net profit of US$97.7m, up 3%
- Successfully redeemed and refinanced US$200m DMPL Preference Shares and US$500m DMFI Senior Secured Notes at much lower interest rates
- DMFI achieved a credit rating upgrade to "B2" from "B3" from Moody's and an upgrade to Positive Outlook from Standard & Poor, while DMPI maintained its triple A credit rating for its three and five-year bonds
- Final dividend of US$0.017, 42% higher over prior year
- DMPL received the Singapore Corporate Governance Award from the Securities Investors Association (Singapore), which included a weighting of 60% for Governance and 40% for Sustainability for the first time
- Two products were voted 2022 Product of the Year in different categories in the U.S.: Del Monte Fruit Infusions in Fruit Snack and Joyba Bubble Tea in Coffee and Tea
- Del Monte Philippines was verified carbon negative for scopes 1, 2 and 3 (for air travel and fuel used by vehicles) for its pineapple operations by the British Standards Institution
