Quorn meat-free packaging made by Quorn Foods Ltd. … [+]
Monde Nissin, the largest Filipino instant noodles maker controlled by Indonesian tycoon Hartono Kweefanus and his family, may have booked a loss-deduction fee of up to £100 million ($126 million) last year for the loss-replacement meat business.
While these fees are narrower than the list of £145 million and £290 million booked in 2023 and 2022, investors want to know when Quorn's business will change. Monde Nissin's share price fell 6.2%, in afternoon trading in Manila.
Monde Nissin said on Wednesday that the UK-based Quorn “continues to operate in challenging environments”. Luckily my manufacturer! Instant Noodles bought Quorn for 550 million pounds in 2015, and has since spent $340 million to expand the alternative meat brand to the United States and Asia.
In 2023, Monde Nissin's controlling shareholder group (Kweefanus) (the company's chairman), CEO Henry Soesanto and his sister Betty Ang, put it A portion of the shares (equivalent to 12% of the company's outstanding shares) serves as a guarantee for Quorn's Wittitedowns.
Despite writing down Quorn, Monde Nissin said there is a flexible dividend this year, adding that Quorn hopes Quorn will release a positive EBITDA in the last three months of 2024.
As expected growth in alternative meat, Quorn is underway for a £15m overhaul to reduce the size of the unit. The restructuring was announced in November, including the appointment of a new CEO, the closure of the factory and the layoffs of Monde Nissin, who said it would help Quorn return to the black.
According to the data, Soesanto, Kweefanus, Ang (President of Monde Nissin) and their families have a net worth of over $2 billion, with their net worth largely based on the value of their control. Forbes Asia. Ang married Kweefanus' brother and co-founded Monde Nissin in 1979 with his late father-in-law Hidajat Darmono. Soesanto has married Darmono's daughter Monica, the company's treasurer.
