Food Empire full-year profit after tax surges to $17.4m

Mainboard-listed Food Empire Holdings, the international company in the food and beverage sector, says profit after tax increased to US$13.7 million ($17.4 million) in 2010 from US$2.7 million in 2009, an increase of 413%.

Sales grew in all the group’s key regions resulting in a 30.4% increase in full-year revenue. Revenue rose to US$175.8 million in 2010 from US$134.8 million in 2009.

Russia, the group’s largest market, was the best performer with full year revenue of US$100.5 million in 2010 compared to US$68.2 million last year, an increase of 47.5%.

Sales to Eastern Europe and Central Asia rose by 12.2% in 2010 to US$55.2 million, while other markets rose by 15.0%, to US$20.1 million.

Food Empire says it was also pleased with the performance of its Petrovskaya Sloboda brand, acquired in 2007, which contributed 10.7% to the group’s revenue in 2010.