Delfi Limited, a chocolate confectionery company listed on the SGX Mainboard, has reported a 2.7% increase in net sales, reaching $266.6m for the first half of 2026. The company’s profit after tax and minority interests (PATMI) rose by 5.4% to $12.9m, despite facing volatile currencies and macroeconomic uncertainties. In constant exchange rate terms, Delfi’s net sales and PATMI grew by 2.9% and 9.4%, respectively.
The company’s Own Brands sales in Indonesia, the Philippines, and Malaysia contributed significantly, with a year-on-year increase of 13.3%, totalling $172.9m. However, Agency Brands sales declined by 12.4% to $93.7m, reflecting the strategic exit from an agency account in Indonesia. Excluding this account, Agency Brands saw a robust growth of 29.0%.
Delfi’s gross profit margin fell by 180 basis points to 25.7%, primarily due to higher raw material costs and currency depreciation in Indonesia and the Philippines. Consequently, EBITDA decreased by 3.7% to $23.4 million. Despite these challenges, Delfi generated $14m in net operating cash flow, maintaining a cash position of $63.3m as of 30 June 2026.
Executive Chairman and CEO John Chuang stated, “Our 1H 2026 performance demonstrates the continued strength of our Own Brands, highlighting the underlying demand of our key brands even as we navigated a challenging cost environment.” Delfi declared an interim dividend of 1.05 US cents per share, representing 50% of the PATMI for the period.
Looking ahead, Delfi anticipates continued volatility in the cocoa market and potential cost pressures due to the ongoing Middle East conflict. The company plans to mitigate these risks through strategic investments and financial discipline, ensuring resilience in uncertain times.
