Listed on the SGX, Fraser and Neave Limited (F&N) is a leading food and beverage conglomerate with a presence in 11 countries including Singapore, Malaysia, Thailand, and Vietnam.

To curb excessive sugar consumption, on 1 July 2019, the Malaysian government imposed excise duties of 40 cents per litre on sweetened beverages containing more than 5g/100ml of sugar, milk-based drinks containing more than 7g/100ml of sugar, and vegetable juices containing more than 12g/100ml of sugar.

How will this impact F&N’s beverage business? I attended F&N’s AGM this year to find out more:

1. F&N’s revenue grew 4.0% to $1.90 billion. Most of the growth was attributed to the higher sales of soft drinks and dairies from the F&B segment. Overall, F&N posted a PBIT of $284 million and an earnings per share of 10.6 cents. Dairies led the bottom-line growth for the company this year. F&N distributed a total dividend