Indonesian food group PT Indofood Sukses Makmur has seen nine-month earnings soar on the back of its recently-acquired plantation business and price hikes.
Go deeper with GlobalData
Indofood, the world’s largest make of instant noodles, saw operating profit more than double in the first nine months of the year to INR3.65trn (US$334.5m).
Net profit climbed from INR683.3bn to INR1.14trn as sales rose 52% to INR19.67trn.
Indofood said price increases across its food brands, which include noodles, seasonings, and snacks, helped drive the performance. Revenue from its consumer food business rose 29.9%.
The consolidation of the Lonsum business, which Indofood bought last year, also boosted the company’s results.
CEO Anthoni Salim said a drop off in commodity prices could help the company ride out the global economic crisis.
He said: “Lower commodity prices should benefit our consumer branded products group, although domestic economic condition is still uncertain in light of the global financial meltdown.”
