JDE PEET'S REPORTS FIRST HALF 2020 FINANCIAL RESULTS AMID COVID-19

KUALA LUMPUR, Aug 4 -- JDE Peet’s recently reported its half-year 2020 financial results, affected by the outbreak of the COVID-19 pandemic, leading to unprecedented circumstances for the company, employees, customers and suppliers.

The measures taken by global governments have resulted in a noticeable shift in coffee and tea consumption from away-from-home to in-home, and to a significant increase in sales via e-commerce. 

Across the business, April and May were most severely impacted. Starting in June, JDE Peet’s has seen good recovery in its away-from-home businesses.

bootstrap slideshow

In H1 20, total sales decreased by 1.1 per cent on an organic basis. CPG sales continued to grow across segments, largely offsetting the impact COVID-19 has had on away-from-home businesses, which represents  about 25 per cent of total sales. 

According to a statement, the total reported sales decreased by 2.9 per cent to EUR 3,236 million. (EUR 1 = RM4.961)

Adjusted EBIT increased organically by 10.5 per cent to EUR 642 million driven by double-digit growth in all three CPG segments and Peet’s, offset by a decline in the Out-of-Home segment. 

Underlying profit (excluding non-recurring items) increased by 12 per cent to EUR 393 million, due to a higher operating profit, which was partly offset by higher tax charges. 

On the other hand, on May 29, JDE Peet’s was successfully listed on the Euronext Amsterdam stock exchange.

JDE Peet’s is the world's largest pure-play coffee and tea group by revenue, serving approximately 130 billion cups of coffee and tea in the financial year ended Dec 31, 2019 in over 100 developed and emerging countries.

-- BERNAMA