Fraser and Neave, Limited (F&N) posted a net profit after taxation of S$210.4 million for the year ended 30 September 2025, down 4% year-on-year, even as robust sales in its Food & Beverage (F&B) operations lifted group revenue 7% to S$2.32 billion. Management linked the earnings resilience to higher beverage and dairy volumes, lower input costs and favourable foreign-exchange movements.
Basic earnings per share were steady at 10.3 Singapore cents. The board proposed a final dividend of 4.0 cents per share, bringing the full-year payout to 5.5 cents—unchanged from FY2024. Subject to shareholder approval at the 27 January 2026 annual general meeting, the final dividend will be distributed on 11 February 2026, representing a payout ratio of about 53% of attributable profit before exceptional items and fair-value adjustments.
The F&B segment remained the primary earnings engine. Segment revenue grew 9% to S$2.05 billion and profit before interest and tax (PBIT) improved 6% to S$302.1 million. • Beverages (beer and soft drinks) revenue climbed 16% to S$772.1 million, helped by stronger beer sales—particularly the Myanmar-focused TAPPER brand—higher bottled-water volumes and a raft of new product launches. Segment PBIT rose 6% to S$40.1 million on lower commodity costs and currency gains. • Dairies revenue advanced 6% to S$1.28 billion, supported by canned and liquid-milk demand in Singapore, Malaysia and Thailand and the inaugural contribution from Malaysia’s School Milk Programme. PBIT increased 6% to S$262.1 million, despite a 14% decline in profit share from associate Vietnam Dairy Products.
Publishing & Printing (P&P) offset part of the gains. Revenue slipped 2% to S$196.6 million because last year’s one-off title sales and licensing income did not recur. The division recorded a PBIT loss of S$5.5 million versus a S$1.5 million loss in FY2024 amid softer education sales and higher printing costs.
Strategic projects proceeded on schedule. In Malaysia, the F&N AgriValley integrated dairy farm in Gemas expanded its herd to more than 6,500 cattle, began pilot milking in mid-2025 and expects to start commercial production under the MAGNOLIA brand in the first quarter of FY2026. Construction of a new dairy plant in Cambodia is on track for start-up in early 2026, aimed at reducing imports and serving Indochina markets. Meanwhile, a beverage facility in Butterworth, Penang entered operation in August 2025 to supply carbonated soft drinks and drinking water across northern Peninsular Malaysia.
New chief executive officer Rahul Colaco, who succeeded Hui Choon Kit on 1 October 2025, said the year’s performance demonstrated the resilience of F&N’s brands and execution capabilities. He noted that disciplined cost management and product innovation helped the group overcome regional operational challenges and muted consumer sentiment. Colaco signalled that F&N will continue to invest in digitalisation, sustainability initiatives and capacity expansion to sustain long-term growth and shareholder returns.