China’s dairy company Yili Group reported an increase in first-half revenue and profits, in what it attributed to chairman Pan Gang’s strategy for innovation and globalisation to boost growth.
Yili is a privately-owned company that makes and processes milk products including ice cream and powdered milk.
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Revenue rose 11% to CNY33.5bn (US$5.1bn), while profit was up 4.5% at CNY3.4bn, the company said.
During the half, Yili said it upgraded the package and flavour of its room-temperature yogurt Ambrosial, and in terms of innovation launched the ‘Pro-Kido Formula Milk Powder for Infants and Young Children’, its ‘Fermented Milk of JoyDay Flavor’ and ‘PureDay Cheese Buttermilk’.
The company’s first-half operating profit climbed 24% to CNY4bn, while net profit attributable to shareholders increased 4.8% to CNY3.4bn. That resulted in earnings per share of 0.55 versus 0.53 in the corresponding period of 2016.
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Yili’s biggest growth area was in the business segment of milk powder and milk products, with revenue up almost 20% at CNY3bn. The liquid milk sector saw sales climb 13% to CNY26.5bn, while ice cream posted a 10.6% rise to CNY3.2bn.
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