Before the Russian rouble collapsed in 2014, Russia had contributed to 60 per cent of Food Empire's revenue. But that has since fallen to 40 per cent, mainly due to the coffee maker deepening its presence in other geographical regions such as Indochina, which includes Vietnam.
Revenue from Indochina grew almost four times to US$50.4 million in 2018, from US$10.5 million in 2014. Vietnam is the company's second largest market, contributing almost 18 per cent to its topline. With Food Empire due to report FY2019 earnings later this month, the analysts expect a record year. They forecast the company's compound annual growth rate for FY2019-2021 to be 9.4 per cent.
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