China Mengniu Dairy, the country’s largest milk group, saw annual profits soar almost 60% last year thanks to the growing number of dairy consumers in China.
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The company, based in the autonomous province of Inner Mongolia, posted net profit of CNY727.4m (US$94.1m) for 2006, up 59% on the year. Revenues were up, leaping 50.1% to CNY10.8bn, the company said late last week.
The performance helped boost Mengniu’s share of China’s liquid milk market to 33%, according to figures to the end of December last year.
CEO Niu Gensheng said: “The booming Chinese economy has seen the number of dairy consumers growing in the country and that benefited the group correspondingly as reflected in its outstanding results.”
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