Henry Soesanto: Wealth, Business Empire, and Life Outside Work

Henry Soesanto, CEO and co-founder of Philippine food conglomerate Monde Nissin, is one of the Philippines’ 50 richest individuals in 2023, according to Forbes. His net worth is at $455M as of August 2023. Monde Nissin is known for several food brands likely found in almost every Filipino's kitchen cupboard: Lucky Me!, SkyFlakes, and Fita, among others.

Net worth: $455M

Age: 72

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In His Youth

Soesanto was born in January 1952 to Indonesian parents. According to a 2021 article by Inquirer, financial constraints—as his father's small business succumbed to bankruptcy (and then to death)—forced him to drop out of college and work full-time in the market, selling seasoning and sugar. Granting his father's dying wish, he graduated from the Institute of Technology, Surabaya, Indonesia, with a Bachelor of Science, majoring in Chemical Engineering in 1975. This led him to work for the biscuit business of his father-in-law, the late Hidajat Darmono (a.k.a. Kwee Boen Twie) in Indonesia.

In 1981, he moved to the Philippines at the age of 29. He was newly married to Monica, and his mission for flying was to help Darmono establish their family business in the country. This was the biscuit company, Monde Denmark Nissin Biscuit Corp., which the family patriarch co-founded in 1979 with his daughter-in-law, Betty Ang—who is married to Darmono's second son, Hoediono Kweefanus.

Soesanto managed the very first factory of Monde Denmark Nissin Biscuit Corp. in Santa Rosa, Laguna. He lived in the staff house to make sure everything ran smoothly and even became involved in day-to-day operations, including dough mixing, according to a 2021 interview.

Henry Soesanto's Business Empire

Soesanto serves as Executive Vice-President, CEO, and Director of Monde Nissin. He is the president of Monde M.Y. San Corporation, and serves on the board of directors of Monde Land, Inc., Monde Rizal Properties, Inc., Monde Nissin Singapore Pte. Ltd., Monde Nissin UK Ltd., Monde Nissin International Investments Ltd., Monde Nissin Holdings (Thailand) Ltd., Monde Nissin New Zealand Limited, All Fit & Popular Foods Inc., Monde Nu Agri Corporation, Suntrak Corporation, KBT International Holdings, Inc., Sarimonde Foods Corporation, Monexco International Ltd., and Monde Nissin (Thailand) Co. Ltd. He is also the treasurer and a director in Monde Malee Beverage Corporation.

Monde Nissin's expansion from a sole biscuit manufacturing business to a company known for its instant noodle brand was Soesanto's idea. It was in the late '80s when he convinced Darmono to consider buying a noodle production line that aborted its shipment from Japan to Bangladesh due to flooding. Soesanto took the lead in the new business, going against Nestle's Maggi and URC's Nissin Ramen. Lucky Me! was eventually introduced to the Philippines in 1989, and it wasn't long before the brand became a household name.

Monde Denmark Nissin Biscuit Corporation officially changed its name to Monde Nissin Corporation in 1999. Then, the company diversified its food products, including SkyFlakes, Fita, Nissin, M.Y. San Grahams, Mama Sita, and Dutch Mill, all of which became among the leading brands in the market.

According to Monde Nissin's Q1 2024 Earnings Presentation released on May 8, the company had a 53.4% consolidated core net income growth. This "modest revenue growth" is credited to the fewer selling days in Asia-Pacific Branded Food and Beverage and the "continued softness" in the meat alternative brand Quorn.

Quorn, a British brand acquired by Monde Nissin in 2015, is a leading meat substitute derived from mycoprotein, which is a type of protein derived from fungi. Its environmental benefits and nutritional value remain its edge amid a market that has started shifting to sustainable alternatives. However, its initial consumers in the U.S. and U.K. showed signs of decline.

Still, Soesanto remains optimistic, especially with his advocacy for meat substitutes and plant-based nutrition. (He completed a Plant-Based Nutrition Program from Cornell University.) In November 2023, he committed a significant portion of his personal fortune to support the company's investment in Quorn. He and his family have pledged to cover new impairment losses at the company's wholly-owned Singapore subsidiary, Monde Nissin Singapore Pte Ltd., which owns the meat substitute brand. This support will extend over the next decade and is capped by the value of 2.156 billion family-owned Monde shares. This value is equivalent to a 12% stake currently worth over P17 billion.

Still, according to the Q1 2024 Earnings Presentation, "conditions remain challenging" for the meat alternative business as "cost and cash remain a key focus." There is some positivity, however, in its UK retail market share that "continues to grow alongside strong year-on-year foodservice growth."

Monde Nissin’s Impact on Philippine Economy and Society

The impact of Monde Nissin on the Philippine economy extends beyond its financial performance. The company's commitment to innovation and sustainability has set a benchmark for other businesses in the region.

Monde Nissin has also been recognized in October 2023 at the 2023 ASEAN Corporate Governance Scorecard Golden Arrow Awards for its first-ever Corporate Governance Report. It received three Golden Arrows, which is a reflection of the company's dedication to ethical business practices.

"The three Golden Arrows is a good indicator of where we are right now as an organization in terms of governance and compliance, and this recognition from the ICD points us to the direction of where we want to be in the future: a well-governed and compliant PLC amidst the shifts and transformations in the business sector," said Chief Compliance Officer, Atty. Jon Edmarc R. Castillo, through Monde Nissin's website