Yili H1 2024 Net Profit, Revenue Surge To Record Highs

KUALA LUMPUR, Sept 3 (Bernama) -- Yili Group’s net profit attributable to the parent company reached a record-high growth of 19.44 per cent year-on-year (YoY) to 7.531 billion Chinese yuan (US$1.06 billion) in the first half (H1) 2024, setting a new record amongst Asian dairy companies. (US$1=RM4.34)

In a statement, the company said it continued to solidify its industrial leadership with a total revenue of 59.915 billion Chinese yuan (US$8.45 billion).

In the same reporting period, the company's liquid milk business recorded a revenue of 36.887 billion Chinese yuan (US$5.20 billion), continuing to lead the industry in terms of business scale and market share.

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The revenue generated from the milk powder business and other related businesses increased by 7.31 per cent YoY and stood at 14.509 billion Chinese yuan (US$2.05 billion), with its overall sales topping the domestic market.

The ice cream business achieved a revenue of 7.322 billion Chinese yuan (US$1.03 billion), ranking at the top of the market segment in terms of business scale and market share for 29 consecutive years.

Meanwhile, the company doubled down on its innovation efforts, actively pursuing diversified growth strategies to foster new areas of development, with its flagship new products accounted for 15.2 per cent of its total revenue, while the water beverage business doubled its overall revenue YoY, driving sustained business momentum.

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In addition to strengthening its presence in the domestic market, Yili's has made significant strides in its internationalisation strategy; with overseas revenue recording four per cent YoY growth in H1 2024. With 81 production bases across the globe, Yili's products have been exported to over 60 countries and regions.

Following several of its core products obtained United States (US) Food and Drug Administration (FDA) approval and were for sale in the local markets, Yili unveiled its first US flagship store in Los Angeles, whereas in Thailand and Indonesia, the group's ice cream brands such as Cremo and Joyday continue to lead in the markets with the highest growth.

Leveraging its solid growth, Yili also adheres to pursuing sustainable development and promoting the integration of commercial and social value, with the release of the world's first environmental, social, and governance (ESG) value accounting report in the food industry, in May 2024.

-- BERNAMA