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Singapore Food and Drink Report Q2 2010
Business Monitor International, Feb 2009, Pages: 64
Singapore Food and Drink Report provides industry professionals and strategists, corporate analysts, food and drink associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Singapore's food and drink industry.
Although Singapore has been badly affected by the global slowdown, the recession is not expected to have any lasting impact on the country and recovery appears to be underway. The authors are projecting that real GDP growth will recover to 3.9% in 2010 (compared to 3.2% previously). The improving economic outlook will likely have a positive impact on the country’s food, drink and mass grocery retail sectors, and this is already starting to be seen in some of the results posted this quarter, as discussed in the recently published Singapore Food and Drink Report for Q210.
Singapore’s leading cocoa ingredients and chocolate confectionery manufacturer, Petra Foods, is one such company posting positive results. For the nine-month period ending September 30 2009, the company reported that revenue had risen 7.4% year-on-year (y-o-y) to US$895.3mn while net profit had surged an impressive 35.5% to US$15.3mn.
Meanwhile, the country’s drinks producers have also reported solid results this quarter. Singapore-based beer giant Asia Pacific Breweries (APB), the joint venture company of Singapore's Fraser & Neave and Dutch behemoth Heineken, announced that for the financial year ending September 2009 revenue rose 2.1% y-o-y to SGD2.04bn (US$1.47bn) while profit before exceptional items climbed 19.7% to SGD158mn (US$114.2mn). While these results are not sensational, they can be viewed as a success given the context in which they were achieved; consumer confidence was low and many of the brewer’s key geographical operating segments were facing severe economic slowdown or recession.
Moving to the mass grocery retail (MGR) sector, French hypermarket chain Carrefour announced in December that it planned to open six to eight supermarkets and a hypermarket in suburban areas over the next three years. The retailer is hoping to take advantage of the forecast increase in value sales through MGR outlets, which are expected to increase 25.3% to reach SGD5.1bn in 2014. Despite Singapore being renowned as a completely saturated market, the hypermarket sector within the country is still very immature and this coupled with its immense profitability makes it hugely appealing. Average sales per hypermarket were estimated to be SGD66.7mn in 2008 and so the addition of just one hypermarket will provide a huge boost to Carrefour’s sales.
As consumer confidence continues to grow on the back of economic recovery the longer-term outlook for Singapore’s food, drink and retail sectors remains positive.
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