Shares of JB Foods, Food Empire soar on positive earnings

Shares of food exporters in Singapore JB Foods and Food Empire on Thursday (Nov 13) jumped significantly in early trade following their positive financial results.

JB Foods shares’ as at 9.01 am reached S$0.70, trading over 17.5 per cent higher, and thereafter trading at S$0.635 by 9.16 am. It later climbed back to S$0.655, up 17 per cent by 9.32 am.

At market open, shares of Food Empire hit S$2.50, up by 6.4 per cent. It was still trading 5.5 per cent higher at S$2.48 as at 9.02 am, before easing to S$2.43 shortly after, up 3 per cent. The shares resurged to S$2.49 by 9.18 am, up 6 per cent.

On Wednesday evening, Food Empire posted a revenue of US$152.6 million in Q3, up 28.3 per cent from the corresponding period a year ago. The rise came on the back of strong growth across its segments in Europe, specifically Russia, Ukraine, Kazakhstan and the Commonwealth of Independent States, said the group.

As for JB Foods, the company reported a net profit of US$59.4 million for the first half ended Sep 30, effectively reversing from a loss of US$51.9 million the year prior.

It also announced a special dividend of S$0.028 per share, plus an interim dividend of S$0.002 a share. Both will be paid out in December, reported The Business Times.

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