On August 28th, Nissin Foods (01475.HK) announced that for the six months ended on June 30, 2024, it achieved revenue of 1.822 billion Hong Kong dollars, a decrease of 5.5% year-on-year; the gross margin was 0.637 billion Hong Kong dollars, a decrease of 3.2% year-on-year; the attributable net profit of the company's owners was 0.169 billion Hong Kong dollars, a decrease of 1.3% year-on-year; and the basic earnings per share was 16.24 Hong Kong cents.
During the review period, the overall business of the group was relatively affected due to weakened consumer intent. Revenue decreased by 5.5% to 1.822 billion Hong Kong dollars, mainly due to reduced consumption and the negative impact of foreign exchange translation of Hong Kong dollars to renminbi. The gross margin increased by 0.9 percentage points from 34.1% in 2023 to 35.0% in 2024, mainly due to the easing of important raw material costs.
