Chinese meat processing group Zhongpin has booked a rise in profits during fiscal 2010, boosted by a 30% jump in sales.
The company said that sales jumped to US$946.7m, up from $726m in 2009. Net income gained 28% to $58.3m in fiscal 2010, up from $45.6m in the previous year.
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Zhongpin chairman and CEO Xianfu Zhu said that rising sales were driven by expansion into new geographies, new points of sales, an expanded customer base and improved product mix with a greater emphasis on higher-margin products. “These factors together with the marketing of our brand, advertising, in-store promotions, and the effort of the sales team helped to grow revenues by 30% in 2010,” he said.
Zhongpin expects to invest around $58.5m to drive continued growth this year. “In 2011, we will continue to execute our proven strategic plan to expand our sales, profits, market share, and the geographic regions that we serve. We expect to sustain the trend-line growth we have achieved over the last five years,” Xianfu added.
