Fraser and Neave posts 3.9% plunge in nine-month net profit despite revenue growth 

SINGAPORE – Fraser and Neave (F&N) has reported a 3.9% year-on-year drop in net profit to S$118.2 million (US$91.8M) for the nine months ended June 30, 2025, down from S$123 million (US$95.5M) in the same period last year.  

Despite the decline in earnings, the Singapore-based beverage and publishing company registered a 10% increase in revenue, reaching S$1.77 billion (US$1.4B), up from S$1.6 billion (US$1.2B) a year ago. 

Profit before interest and taxes slipped 1.6% to S$234.8 million (US$182.4M), primarily due to lower contributions from Vinamilk, the group’s associate in Vietnam, according to a voluntary business update issued by F&N. 

The group cited several challenges during the period, including subdued consumer sentiment, reduced tourist arrivals in Thailand, and export disruptions to Cambodia. F&N also noted start-up losses related to its dairy operations.  

However, it maintained that the core operations remained resilient, supported by operational agility and disciplined cost control measures. 

Under its food and beverage segment, which includes beverages and dairies, F&N reported a 19% increase in beverage revenue.  

The company attributed this to a successful Chinese New Year campaign, which drove strong volumes of water and soft drinks, along with higher beer sales from its newly launched brand, Tapper. 

Dairy revenue rose by 8%, driven by increased demand for canned milk in Thailand and selected export markets. The company has also begun commercial milking at its new integrated dairy farm, F&N AgriValley, located in Gemas, Malaysia.  

The facility currently houses over 3,500 cattle, including more than 900 calves, and began introducing locally produced milk under the Magnolia brand in May 2025. 

Construction for Phase 1 of the dairy farm is nearly complete, and the associated manufacturing plant is expected to begin operations by the end of 2025. 

Revenue from the printing and publishing division declined marginally by 1%, following the absence of one-off contributions recorded in the prior year.  

Earnings per share fell to 8.1 Singapore cents, compared to 8.4 Singapore cents in the previous year. 

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