Del Monte reports 15% growth in Q1 sales

Dual-listed Del Monte Pacific Ltd. (DMPL), on Thursday reported a 15% increase in its sales in the Philippines for the first quarter of its financial year, citing the strong demand across its products in the May to July period.

In a regulatory filing, Del Monte Pacific reported $88.4 million in sales, reflecting a 10% increase in peso terms and 15% in US dollar terms.

Del Monte cited the demand for its beverages such as its pineapple juice, along with culinary essentials products such as tomato sauce, and its mixed fruits as it noted extended usage beyond holiday occasions.

International sales for the period climbed 6% to $97.2 million, driven by higher fresh pineapple sales in China and Japan.

“Our strong first quarter performance underscores Del Monte’s ability to deliver consistent growth by balancing innovation, health and nutrition relevance, and affordability,” DMPL chief operating officer Luis Alejandro said.

“With strengthened brand equity, expanded market share, and deeper household penetration, the company is well-positioned to sustain its growth momentum. We remain sharply focused on our priorities which include strengthening our balance sheet and ensuring the long-term stability of the business,” he added.

Moving forward, DMPL said it expects to be profitable this year, as it will prioritize raising equity to reduce leverage, and offset its capital deficit due to US impairments in the financial year 2025.

Shares in DMPL were last traded at P4.18, up by P0.75 or 21.87% from Wednesday’s finish of P3.43 apiece. — Jon Viktor D. Cabuenas/BM, GMA Integrated News