MANILA -Philippine-listed conglomerate Monde Nissin Corp. pledged to keep growing its meat alternative segment as part of a long-term bet on food security even after a significant valuation cut at the business contributed to a P13 billion loss in 2022. The meat alternative arm, led by the flagship brand Quorn, booked a non-cash impairment loss of P20.5 billion last year amid slowing sales and a sharp rise in interest rates in response to soaring consumer prices. The impact was blunted by the robust growth at its Asia Pacific Brand Food & Beverage Segment (APAC BFB), which makes the Lucky Me! instant noodles, biscuits and baked goods.

https://business.inquirer.net/393988/monde-nissin-to-continue-growing-meat-alternatives

#inquirer