Monde Nissin posts record-high revenues in Q1 2022

Monde Nissin

Monde Nissin Corporation announces today its unaudited financial results for the first quarter ended March 31, 2022. Consolidated revenue increased 7.2% to Php 18.3 billion for the first quarter on the strong performance of the APAC BFB domestic business.

First quarter gross margin showed a 150 bps recovery from Q4 2021 due to pricing actions and volume growth, but decreased to 35.1% year-on-year as input costs continue to rise.

Year-on year, core EBITDA declined by 9.9% to Php 3.6 bn due partly to the company’s continued strategic investments in brand and new product development during the quarter. Relative to Q4 2021, core EBITDA grew 78.1% as operating expenses declined.

Core net income attributable to shareholders for the quarter saw a decrease of 13.5% to Php 2.1 bn, while reported net income ended almost unchanged at Php 2.3 bn, benefiting from lower interest expense due mainly to the repayment of the Arran convertible note and bank loans in 2021.

Asia-Pacific Branded Food and Beverage (APAC BFB)

APAC BFB net sales for the first quarter increased by 8.6% to Php14.5 billion due to the improvingperformance of the domestic business, which grew 10.5% to Php 13.7 billion on price increases and continued volume growth for the noodles, culinary, and packaged cake categories. Biscuits also posted volume growth to pre-pandemic level.

Meanwhile, the international business declined 15.4% to Php 854 million due mainly to shipping constraints during the quarter.

Gross profit decreased 4.0% for the first quarter to Php 5.0 bn, with gross margin down 450 bps to 34.4% as price increases taken in the second half of 2021 and first quarter of 2022 partially mitigated rising commodity costs.

Core EBITDA posted a 69.5% improvement on Q4 2021 due to lower operating costs and price increases, but declined 6.4% year-on-year to Php 3.4 bn as pricing actions trail commodity cost increases.

Meat Alternative (Quorn Foods)

Meat Alternative revenue decreased 1.3% year-on-year on an organic basis as the U.K. grocery market remains in decline and as the country continues to experience challenging macroeconomic conditions.

On a reported basis, revenue increased by 2.1% to Php3.8 billion due to foreign exchange gains. Retail sales posted a decline year-on-year as the market rebalances to out-of-home consumption. Meanwhile, foodservice delivered a record quarter and grew 124%. –

Indian SaaS firm SirionLabs raises $85m in Partners Group-led funding

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SirionLabs, a company that provides software applications for enterprise contract management, announced a fresh round of $85 million in Series D funding led by Partners Group, with participation from existing investors Avatar Capital, Sequoia Capital, and Tiger Global.

This brings the total raised by SirionLabs to $157 million – a significant milestone for the company since it was founded in 2012 by entrepreneurs Ajay Agrawal, Kanti Prabha, Aditya Gupta and Claude Marais as it more than doubles the company’s capitalization.

The investment will enable SirionLabs to continue expanding its leadership position in the rapidly growing enterprise CLM market, which is projected to reach $3.3 billion by 2027.

“The two biggest challenges in CLM are aligning post-award performance with contract terms and automating the import of legacy documents using AI,” said Ajay Agrawal, Co-founder and CEO of SirionLabs.

“The SirionOne platform has a compelling technology advantage in both of these areas. This capital allows us to seize the moment, accelerate product innovation and bring our award-winning solution to an increasing number of enterprise customers,” he added.

SirionLabs to add up to 200 employees to global workforce

The funding from Partners Group will support scaling SirionLabs’ operations, which includes adding up to 200 employees to its global workforce. Key emphasis will be placed on product innovation in AI and user experience (UX) that will attract new customers while also better serving the SirionLabs current customer base of more than 250 companies.

“The addressable market for CLM is expanding rapidly as more organizations undertake digital transformation initiatives. We were attracted by SirionLabs’ leadership in this category, superior product offering, and blue-chip client base, and look forward to working with management on increasing scale-up capacity,” said Cyrus Driver, managing partner, Private Equity, Technology at Partners Group.

The new investment from Partners Group enables SirionLabs to deliver on its core capabilities for contracting professionals across a range of industries.

These include reducing time-to-contract for sales teams, minimizing risk and contract review time for legal teams; providing finance professionals with visibility into expenses and revenues; and supporting procurement professionals with negotiations, curtailing costs and increasing the efficiency of supplier management. –

DBS Bank, Shenzhen Rural Commercial Bank to offer wealth management services in china

DBS Bank Wealth Management

DBS Bank (Hong Kong) Limited and Shenzhen Rural Commercial Bank Corporation Limited (SRCB) today announced a strategic partnership to provide qualified Greater Bay Area (GBA) mainland investors with Wealth Management Connect (WMC) Southbound services.

The combined expertise of the two banks will help customers achieve financial well-being with access to customised diversified investment products, services and digital banking capabilities.

Southbound customers banking with DBS Bank (Hong Kong) will be able to benefit from digital account opening services anytime, anywhere.

This means that upon submitting their Southbound account application form via the DBS digibank HK app, customers can tap into the benefits of the WMC Southbound services once their accounts are verified.

As SRCB’s largest shareholder, DBS has been leveraging its vast Asian network and deep wealth management expertise to enhance SRCB’s service capability in its wealth management business.

DBS Bank will speed up expansion in GBA

Meanwhile, DBS Bank (Hong Kong) will accelerate its strategic expansion into the GBA via SRCB’s extensive local network and insights. This close collaboration will deepen their relationship and mutually support their ambitions in the region.

DBS Bank (Hong Kong) has established a unique WMC offering as the only bank with three Southbound partners under the WMC scheme. Since the scheme’s launch last October, over 80% of the bank’s WMC Southbound service clients are completely new customers to DBS Bank (Hong Kong).

The strength of DBS’ WMC services has resulted in the bank’s average total amount invested per WMC customer reaching over RMB 130,000, more than eight times higher than the RMB 16,365 market average.

“Adding SRCB as our newest WMC Southbound partner in 2022 is a major milestone in the journey of both banks in forging new opportunities for GBA investors. This has strengthened our ‘WMC multiple-partnership strategy’ to provide individual investors across the GBA with exceptional and more varied international wealth management services,” said Sebastian Paredes, CEO of DBS Bank (Hong Kong). –

AyalaLand Logistics, FLOW Digital ink data centre JV in the Philippines

AyalaLand Logistics
Photo by Thomas Jensen on Unsplash.

AyalaLand Logistics Holdings Corp, a subsidiary of Ayala Land Inc, and FLOW Holdings I Philippines Pte. Ltd., the vehicle of FLOW Digital Infrastructure, have signed a framework agreement to develop carrier-neutral data centers across the Philippines.

The Philippines is rapidly emerging as one of the preferred locations in the APAC region to host data centers due to its strategic location as a gateway from the Pacific to Asia, superior connectivity, and rich natural resources for renewable energy.

The Philippines data center market is expected to experience double-digit annual growth, driven by a significant increase in data consumption, digitization, 5G connectivity, and data localization trends.

The initial roll-out will target the delivery of a 4.5MW-capacity facility ready for service by 4Q 2023. FLOW’s modular product deployment approach, combined with a strong focus on connectivity and sustainability, will help maximize design flexibility and accelerate time-to-market.

JV pursutant to FLOW’s Asia-Pacific expansion

The joint venture is pursuant to FLOW’s ongoing Asia-Pacific expansion, leveraging the team’s industry-leading design, development, and operation expertise in next-generation data centers.

FLOW is a regional platform providing customized solutions to meet the growing demand for digital infrastructure in Asia-Pacific.

FLOW was launched in 2021 by PAG, a leading alternative investment firm focused on the Asia Pacific with USD50 billion in assets under management, including USD2 billion in data center assets.

“We are pleased to partner with ALLHC as they prepare to make this significant contribution to developing digital infrastructure capabilities in the Philippines. The decades of design and operational experience of the FLOW team, combined with ALLHC’s established record in industrial real estate development, makes this an ideal partnership to meet the rising demand for digital infrastructure in the country,” said Amandine Wang, CEO of FLOW Digital Infrastructure.

“This investment will contribute to the Philippines’ transition to a digital economy. Furthermore, we believe this partnership with FLOW enhances the value of ALLHC’s industrial landbank,” said Jose Emmanuel H. Jalandoni, President and CEO of ALLHC and Senior Vice President of Ayala Land. –

Philippines: SM Prime reports stronger rebound with 15% net income growth

SM Prime Holdings
SM Prime Holdings

SM Prime Holdings, Inc. (SM Prime), one of the leading integrated property developers in Southeast Asia, reported a 15% growth in the Company’s consolidated net income to PHP7.4 billion in the first three months of 2022 from PHP6.5 billion in the first three months of 2021.

This growth was brought about by a 15% increase in SM Prime’s consolidated revenues to PHP23.9 billion from PHP20.8 billion in the same period being reviewed. Consolidated operating income grew by 17% to PHP10.1 billion in the first quarter of 2022 from PHP8.7 billion in 2021.

“The significant improvement in mobility restrictions and the continuous reopening of the local economy in the first three months of 2022 have provided SM Prime further boost to expand its businesses and reach more customers through its integrated property developments,” SM Prime President Jeffrey Lim said.

SM Prime’s mall business posts 40% revenue growth

SM Prime’s Philippine mall business reported a 40% growth in revenues to PHP8.2 billion in the first quarter of the year from PHP5.9 billion in the same period last year.

The easing of community quarantine levels in key areas in the country, which allowed more shops to operate, has provided the Company with PHP 7.6 billion in rental income in the first three months of 2022, 34% higher than PHP 5.6 billion in the first three months of 2021. SM Prime’s cinema, event ticket sales, and other revenues increased by 172% to PHP0.6 billion in January to March of 2022 from PHP0.2 billion in the same months in 2021.

SM Prime’s China mall business recorded RMB0.205 billion revenues in the first three months of 2022, 3% higher from RMB0.199 billion in the first three months of 2021.

Meanwhile, SM Prime’s residential business group, led by SM Development Corp. (SMDC), reported PHP12.0 billion in revenues in the first quarter of 2022, almost the same as the previous year. SMDC’s sales take-up from January to March of 2022 posted PHP31.1 billion, mostly coming from the Company’s vertical residential developments in the cities of Mandaluyong, Parañaque and Makati. –

Singapore SaaS Platform GoComet Raises $7m in Series A Funding

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Singapore-based vertical Saas platform GoComet, announced raising $7 million in its Series A funding round co-anchored by Rider Global and Atlas Ventures.

Started in 2018 by Ayush Lodhi, Chitransh Sahai, Gautam Prem Jain, and Mehul Katiyar, GoComet is a multi-modal logistics and transportation platform that enables global businesses to automate their end-end logistics profitability.

The platform allows organisations to reduce freight costs, track shipments in real-time, optimise operations, and, most importantly – save costs. GoComet has also enabled companies to get automated real-time updates on worldwide port congestion.

GoComet said it will use the fresh funding to further develop its platform and accelerate its customer growth and expansion in the US and Europe, in line with its goal to become a global leader in the multi-modal logistics solutions space.

“We are thrilled to have a group of investors who believe in GoComet’s ability to develop competitive supply chain technology solutions, especially at a time when global supply chains are facing unprecedented challenges. We aim to use this capital to attract and retain key talent and expand our customer base into newer segments and markets”, said Gautam Prem Jain, CEO and Co-Founder of GoComet.

GoComet has received many accolades from renowned industry associations in the last two years. The platform has been recognised as the top transport management solution and mentioned in leading publications such as Forbes, Gartner, The Straits Times, Business Today, Logistics Tech Outlook USA, and more.

The company’s four co-founders have been listed in Forbes 30 under 30.

“GoComet already has a proven track record of facilitating significant cost savings in logistics and supply chains for some of the largest global corporations. The product solves a lot of pain points in an easy-to-use and elegant way. We believe this funding will allow the team to accomplish more for their existing as well as new customers and cement the market,” said Timur Boridko, managing partner at Rider Global.

Bursa Malaysia Partners with HSBC Amanah on #financing4ESG Initiative

Bursa Malaysia
Photo by Chander Mohan on Unsplash.

MALAYSIA – Bursa Malaysia and HSBC Amanah have entered into a memorandum of understanding to collaborate on #financing4ESG, an initiative aimed at improving the ESG adoption practices of Malaysian Public Listed Companies (PLCs).

Under this MoU, Bursa Malaysia will collaborate with HSBC Amanah in developing sustainability-linked Islamic financial products as well as ESG solutions aligned to the FTSE4Good ratings model and datasets for eligible PLCs.

PLCs in the FTSE Bursa Malaysia EMAS index, which makes up the FTSE4Good ESG assessment universe, will have the opportunity to tap into HSBC Amanah’s Shariah-compliant ESG offerings while enabling them to accelerate their ESG adoption.

This would help improve their ESG ratings for inclusion into the FTSE4Good Bursa Malaysia Index, the Malaysian capital market’s leading ESG index.

In addition, for Shariah-compliant PLCs, it will be an opportunity for them to be included into the FTSE4Good Bursa Malaysia Shariah Index, which was introduced in July 2021.

“As we continue to provide guidance and assistance to PLCs to elevate them as regional leaders in this ESG space, the Exchange is pleased to welcome HSBC Amanah on-board this collaboration,” said Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia.

“Having PLCs that are able to successfully manage their ESG risks and opportunities via Shariah-compliant ESG solutions will certainly reinforce Malaysia’s role as a leader in Islamic finance,” he added.

In addition to the competitive financing offered by HSBC Amanah, PLCs will obtain non-monetary benefits from the collaboration’s branding and capacity building exercises. In this regard, the Exchange will provide access to its investor relations engagements and event platforms, as well as the opportunity to participate in specialised technical workshops on climate-related disclosures.

This MOU with HSBC Amanah is a continuation of the earlier collaboration between the Exchange and OCBC Bank (Malaysia) Berhad and Alliance Bank Malaysia Berhad on 18 November 2021.