Bandar seri begawan: New Zealand's a2 Milk reported a 21% jump in its full-year profit on Monday, driven by strong demand from China. The company also announced its plans to acquire a manufacturing facility, aiming to expand its market share in China.
According to Radio Television Brunei, the infant milk formula maker recorded a full-year post-tax net profit attributable of NZ$202.9 million ($120.12 million). This result compares with last year's NZ$167.6 million and slightly surpasses the Visible Alpha consensus of NZ$202.2 million.
The decision to acquire a new manufacturing facility aligns with a2 Milk's strategy to strengthen its foothold in the Chinese market, which has been a significant contributor to its recent profit growth. The acquisition is expected to enhance the company's production capabilities and meet the increasing demand in the region.