Chinese dairy firm Yili has reported a 11.37% increase in revenue, to RMB 123.171 billion (€16.1 billion) in its 2022 financial year, which it said was a 'record high' for the business.
Net profit stood at RMB 9.431 billion (€1.23 billion) for the year, which was also an all-time high for the Hohhot-based group.
Overseas business revenue rose by 52.2% in the period, it added.
During the year, Yili expanded its industrial chain financing programme, in order to optimise its network, with financial support extended to some 10,974 suppliers.
Elsewhere, its Oceania Dairy subsidiary recently signed milk source purchase contracts with 73 farms in New Zealand, which will provide 'stable and competitive prices for milk suppliers', it added.
Also in New Zealand, it recently completed an upgrade of its Westland Milk Products facilities, increasing production capacity.
The group has also upped its investment in sustainability, as it seeks to achieve carbon neutrality across its operations by 2050 – as of the end of 2022, Yili had implemented a total of 1,049 energy-saving and emission-reduction projects and had 31 factories certified as state-level 'green factories'.
Yili has 'established itself as a pioneer in green and zero-carbon initiatives and continuously explores new models for reducing carbon emissions', it said.
Yili added that it has continued its momentum from 2022 into the first quarter of the year – a period in which revenue was up 7.71% and profit up 2.73%.
Read More: Growing Lactose Intolerance Bolstering The Vegan Cheese Market: Study
© 2023 European Supermarket Magazine – your source for the latest fresh-produce news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.