Vitasoy Announces Business Results for 1H FY2022/2023

Financial Highlights

6 months expired

30th September 2022

1H FY2022/23

HK $ million

1H FY2021/22

HK $ million

Change

Net of FX Impact

revenue

3,642

3,604

+1 %

+4 %

Gross profit

1,738

1,727

+1 %

+4 %

EBITDA

473

320

+48 %

+50 %

profit before taxation

175

34

+421 %

+382 %

Profit attributable to equity shareholders of the company

142

33

+332 %

+291 %

Earnings per share (Hong Kong cents)

13.3

3.1

+329 %

+292 %

Interim dividend per share (Hong Kong cents)

1.3

Zero

Not Applicable

Not Applicable

hong kong, November 18, 2022 /PRNewswire/ — Vitasoy International Holdings Limited (“Vitasoy” or the “Company”, together with its subsidiaries, the “Group”, SEHK Code: 00345) today announced its interim results ended 30th September 2022 (“Duration”).

During the six months under review, the group posted revenue growth in local currency terms in most markets and recorded total revenue HK$3,642 million (FY2021/2022 Interim: HK$3,604 million, The group focused on fundamentals to secure sustainable and profitable revenue growth. The group’s gross profit for the interim period was HK $ 1,738 million (FY2021/2022 Interim: HK $ 1,727 million), mainly due to the high sales performance. Gross profit margin remained at 48%. Profit from operations saw a significant increase of nearly 400%, mainly due to strong performance in Mainland China, a turnaround in advertising and promotional spending, further subsidies from the Hong Kong SAR government, and a reduction in operating expenses.

Mr. winston yau-Lai Lo, Executive Chairman of Vitasoy International Holdings Ltd. said at a press conference today, “While we are encouraged by the substantial progress made by the group towards achieving targeted growth and profitability, we still have a lot ahead of us in the long run. has a long-term growth trajectory. Nevertheless, barring unexpected macro changes in the environment, we are confident that our disciplined focus on fundamentals will enable us to not only maintain, but gradually increase our revenue and profit performance over the coming years will improve.

As a result of the Group’s improved financial performance, the Board of Directors recommends an interim dividend of HK1.3 cents per ordinary share for the six months ending May. 30 September 2022 (six months expire 30 September 2021: Zero).

the mainland China ,

Profit growth driven by solid core business performance and innovation

Also Read :  Outside the Box program transformed dull traffic light boxes into vibrant paint jobs

Vitasoy’s Mainland China operation reports 4% revenue growth in local currency RMB1,916 millionWith strong growth in operating profit HK$139 million Due to rapid scale and strict control on operating costs.

The organizational structure and leadership capabilities of the Mainland China operation were further strengthened during the interim period, enabling the Group to implement the Group’s strategy of gradual acceleration in the company’s three growth vectors: execution (same-store sales growth), expansion and innovation. Got encouragement. Revenue from both VITASOY and VITA products increased, as did revenue in most provinces and sales channels.

VITASOY soymilk continues to be the leader, while VITAOAT oat milk, which was launched last year, continues to grow, adding incremental revenue and increasing brand awareness among shoppers conscious of the plant-based movement. The core premium lemon portfolio continued to be a key driver for Vita, and the new fruit and sparkling teas were well received by consumers.

For the remainder of FY2022/2023, the company will continue to launch advertising and promotional campaigns as well as implement its strategy across all areas of development. Vitasoy will also explore ways to save on operating expenses and control rising material and energy costs while adjusting pricing to maintain profitability.

hong kong operation – (Hong Kong SAR, Macau SAR and Exports) –

Steady growth driven by the strength of our core business and successful product innovation

The Hong Kong operation delivered a steady growth with revenue growth of 6% despite weak consumer sentiment and travel limitations due to the strength of Vitasoy’s core business and successful product innovation. Market share increased in both the soy and tea categories, while new pricing and value creation projects helped protect margins and reduce costs. The group’s Vitaland talkshop and catering businesses saw better performance, due to an increase in school days and the quarantined hotel business.

In the non-alcoholic beverages key account segment, strong brand equity and impressive sales execution confirmed the Group’s leadership position in the local market. Vitasoy also increased market share with additional growth through new product launches in both the ready-to-drink tea and soy/plant milk drink categories. All the new products received encouraging customer feedback.

Also Read :  UAE jobs: Does my boss need to 'accept' resignation email for notice period to begin? - News

Profit from operations increased by 17% compared to the same period last year HK$145 million, Excluding COVID-19 related government subsidies, profit from operations declined by 25%, mainly due to increase in raw material and fuel costs.

The group will continue to drive the core business and launch new products while optimizing costs and exploring potential business opportunities across channels.

Australia And new zealand ,

Continued growth by taking advantage of growing interest in oat milk

Operation of Vitasoy Australia And new zealand Continued to deliver a strong performance on a local currency basis despite significant economic headwinds and inflationary cost pressures. Revenue increased 8% in local currency, successfully capitalizing on growing consumer interest in oat milk.

Stable results were also obtained in other plant milk platforms. Revenue from the VITASOY brand grew across all major plant milk platforms across soy, almond and oat. Has been particularly well received in the oat category Australia, where VITASOY has become the number one brand in the oat and soy categories. Slow performance in the coffee market was more than offset by innovative products such as the new Vitasoy Greek Style Soy Yogurt range, which has received an encouraging initial response in the market. During the period under review, profit from operations declined due to higher raw material costs due to global supply chain disruptions, which led to higher logistics and overhead costs.

With strong demand for VITASOY products Australia And new zealandVitasoy will continue to expand into key plant milk categories while working diligently to successfully position the new Vitasoy plant-based yogurt in these markets.

Singapore ,

Disappointing Performance Despite Development of New VITASOY Fresh Plant+ Plant Milk

group performance in Singapore A headwind was registered amid increased price competition and commoditization of the tofu category, which was not offset by the growth of our new Vitasoy Fresh Plant + Plant Milk platform. Its revenue decreased by 16% in local currency. Operating profit declined due to poorly performing sales, higher soybean prices, utility costs and operating expenses, and higher advertising and promotional expenses in support of VITASOY Plant + Plant milk and tofu.

The group will work in a disciplined manner to improve its performance and control costs in its business Singapore To secure value and product competitiveness while expanding its new Malaysian-sourced VITASOY Plant+ plant milk line.

Also Read :  Birthday party to business: Woman’s Grandma’s Recipe sauce company marks 10 years

Philippines

The company’s joint venture with Universal Robina Corporation recorded a very strong half-year, with double-digit growth in revenue, supported by local production that began with the easing of COVID-19 restrictions. VITASOY Plant Milk has now achieved 14% market share in Plant Milk Category Philippines,

For the remainder of FY2022/2023, the Group will continue to improve VITASOY’s visibility and availability across key sales channels while strengthening brand equity for future growth. Vitasoy will also build on the success of new single-serve and multi-serve products that have been launched in this market and enter all major plant milk segments in soy, almond and oat to drive future growth.

general outlook

Vitasoy’s Mainland China business continues to be the largest market and the main engine of growth for the Group, now maintaining profitable growth and per capita consumption through improved same-store performance in Mainland China, national expansion and innovation to build equity Keeping is a priority. The group is also optimistic about maintaining the performance in its other markets as the plant-based sector goes mainstream.

For more information, please refer to the following documents.

Contact

photo link

Vitasoy Management presents its latest Fresh Vitasoy Plant+ launched in Hong Kong SAR at the press conference.  (From left) Mr. Roberto Guidetti, Group Chief Executive Officer;  Mr. Winston Lo, Executive Chairman;  and Ms. Ian Ng, Group Chief Financial Officer.

Vitasoy Management presents its latest Fresh Vitasoy Plant+ launched in Hong Kong SAR at the press conference. (From left) Mr. Roberto Guidetti, Group Chief Executive Officer; Mr. Winston Lo, Executive Chairman; and Ms. Ian Ng, Group Chief Financial Officer.

Fresh Vitasoy plant+ launched in Hong Kong SAR.

Fresh Vitasoy plant+ launched in Hong Kong SAR.

About Vitasoy

Vitasoy International Holdings Limited is a leading manufacturer and distributor of plant-based food and beverages. Established in 1940 by the late Dr. Kwe-seong Lo hong kong chinaThe company strives to promote sustainable plant-based nutrition through the provision of a variety of high quality products with nutrition, taste and sustainability as guidelines for its portfolio offerings. Currently, Vitasoy has operations Chinaincluding mainland China and the Hong Kong Special Administrative Region, Australia, Singapore And Philippines, Its products are available in about 40 markets around the world.

Vitasoy is listed on the Main Board of the Hong Kong Stock Exchange (00345.HK) and is included as a constituent of the Morgan Stanley Capital International (MSCI) Hong Kong Small Cap Index, the Hang Seng Stock Connect Hong Kong Index and the Dow Jones Sustainability Index. DJSI) – Asia Pacificamong others.

Vitasoy Website: www.vitasoy.com

SOURCE Vitasoy International Holdings Limited

Source

Leave a Reply

Your email address will not be published.