Resulting in a three-fold increase of 1H net profit to US$54.1m

Del Monte Pacific continues strong performance in 2Q

Singapore Mainboard and Philippine Stock Exchange dual listed Del Monte Pacific Limited reported  today its second quarter FY2022 results ending October.

DMPL delivered another strong quarter of profitability with an EBITDA of US$107.4 million, a 14% increase from US$94.4 million. Net profit achieved a 64% increase to US$35.8 million from US$21.9 million in the same quarter last year. The Group continued to improve its gross margin by 180 basis points to 27.4% mainly from better sales mix with increased sales of higher-margin retail branded products in the USA.

The Group generated sales of US$651.0 million, up 4% versus prior year period from improved sales in the USA and international markets. The Group’s US subsidiary, Del Monte Foods Inc. (DMFI), generated sales of US$477.5 million or 73% of Group sales. DMFI’s second quarter sales increased by 7% on strong branded retail growth of 11%, while sales of low-margin private label were reduced as planned.

The robust performance of branded retail resulted from supply and distribution gains, strong underlying momentum on core vegetable businesses and shipments in preparation for the Thanksgiving holiday promotional activity. Del Monte canned vegetable, which had the highest contribution to branded retail sales, reached a five-year high of 24% market share in November.

New products launched in the past three years contributed 5.3% to DMFI’s total sales. DMFI continues to expand distribution and build trial on previously launched items including Joyba Bubble Tea beverages, Del Monte frozen Veggieful Pocket Pies and frozen Veggieful Riced Vegetables, Del Monte refrigerated Fruit Infusions Snack Cups and Del Monte Deluxe Gold Pineapple.

The Group’s second largest and most profitable subsidiary, Del Monte PhiIippines, Inc. (DMPI), achieved higher sales of US$186.1 million in the second quarter, up 3% versus the prior year period led by international market sales. More than half of DMPI’s sales are in the Philippines, with the balance in the international market.

DMPI achieved a 5% EBITDA increase to US$40.6 million and a 10% net profit increase to US$26.0 million. DMPI had benefited from the reduced corporate tax rate of 25% with the passing of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) in March 2021.

Click here to read the full press release.

For more information:
Iggy Sison
Del Monte Pacific Limited
Tel: +632 8856 2888

Jennifer Luy
Del Monte Pacific Limited
Tel: +65 6594 0980

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