Highlights

DMPL generated sales of US$2.4bn in FY2024, same as prior year as higher sales in the U.S. and higher exports of fresh pineapples were offset by lower exports of packaged products
Del Monte Foods, Inc. (DMFI) delivered US$1.7bn sales or 72% of Group revenue, marginally higher by 1% due to pricing actions, incremental volume from foodservice and e-commerce, and higher broth, stock and bubble tea sales
Market leadership maintained in nearly all core categories in the U.S. and Philippines, and for fresh pineapple in China
However, higher inflationary and operational costs from higher inventory in the U.S. and lower pineapple supply and productivity in the Philippines led to a lower Group gross margin of 17.3% from 25.1%, and gross profit of US$419.6m, lower by 31%
One-off costs of US$13.3m due to DMFI’s severance cost, IPO-related and professional fees; IPO had been deferred
Without one-off costs, the Group generated:
- EBITDA of US$149.6m, down 56%
- Net loss of US$115.8m from a net profit of US$72.2m in the prior year
Including one-off costs, the Group generated:
- EBITDA of US$130.5m, down 60%
- Net loss of US$129.2m from a net profit of US$16.9m in the prior year