Monde Nissin Corp saw it shares weaken 0.14% at the opening bell on its stock market debut on Tuesday, after the Philippine food maker raised 48.6 billion pesos ($1 billion) in the country's largest-ever initial public offering (IPO).
By Reuters Staff
2 Min Read
MADRID, Feb 25 (Reuters) - Spain’s Ebro Foods reported on Thursday a 36% jump in annual profit, with its rice and pasta products particularly popular as coronavirus restrictions forced people to eat more at home.
The owner of brands such as Tilda rice in Britain and pasta makes Garofalo in Italy and Panzani in France, said that its sales increased 15% in 2020 to 3.24 billion euros ($3.96 billion) in an “exceptional” year. That resulted in an annual net profit of 192 million euros.
The company, which says it is the world’s second-biggest vendor of packaged rice, had to rearrange its production last year to meet unusually high peaks in demand for rice and pasta. It cautioned that 2021 would be a difficult year but that it should be able to weather the challenges.
By Reuters Staff
1 Min Read
FILE PHOTO: Miniature glasses with hazelnut spread Nutella at a restaurant in Seeheim near Darmstadt, Germany, March 27, 2016. REUTERS/Kai Pfaffenbach/File Photo
(Reuters) - Turnover at Nutella-maker Ferrero rose 7.8% in its financial year to end-August, offsetting some of the impact of the coronavirus pandemic thanks to higher sales in the U.S., Italy, Germany and France and the launch of some new products.
The Luxembourg-based confectionery giant said in a statement on Thursday that full-year turnover came in at 12.3 billion euros ($14.94 billion), while investments totalled 619 million euros.
The family-owned group, founded in the Italian town of Alba in 1946, has reached world-wide notoriety thanks to the hazelnut spread Nutella as well as Kinder-branded chocolate bars, with its products present in more than 170 countries.
Italy's Barilla has finalised a deal to buy dry pasta firm Catelli from Spain's Ebro Foods in a deal worth around 107 million euros ($130 million), the two groups said on Monday.
Barilla said on Thursday it had bought a majority stake in Britain's Pasta Evangelists, re-entering the fresh pasta market and boosting its digital offering at time when the pandemic is driving demand for home deliveries of food and drinks.