Vitasoy International Achieves Record Profit Growth in Fiscal Year 2024

Vitasoy International Holdings Limited, a leading plant-based beverage company, recently announced its annual results for the fiscal year ending on March 31, 2024. The company showcased a remarkable 155% increase in profit to equity shareholders, driven by enhanced field sales strategies in Mainland China and innovative product offerings in Hong Kong. Despite challenges in manufacturing in Australia, Vitasoy's overall performance remained robust.

During the fiscal year, Vitasoy witnessed a 1% revenue growth excluding currency effects, with a particularly strong second half performance in Mainland China and Hong Kong compensating for a slower first half. The Board of Directors is set to propose a final dividend of HK$6.3 cents per share, resulting in a total dividend of HK$7.7 cents per share for the year.

The Executive Chairman emphasized the company's dedication to operational efficiency and sales execution, positioning Vitasoy favorably for expansion in the plant-based beverage sector. Vitasoy also reiterated its commitment to sustainability and governance standards.

Mainland China experienced a revenue growth rebound in the latter part of the year, leading to profitability for the entire fiscal year. Hong Kong operations flourished due to core strengths and product innovation, while Australia and New Zealand faced challenges stemming from manufacturing and logistics issues.

In Singapore, a decrease in beverage sales offset the growth in tofu exports, resulting in a slight revenue decline. Vitasoy aims to bolster its brand presence and manufacturing capabilities to fuel future growth.

With a strategic focus on plant-based products, innovation, and organizational capabilities, Vitasoy is well-positioned for long-term success in the competitive market.

Vitasoy International Holdings Limited's impressive financial results for fiscal year 2024 underscore its resilience and strategic initiatives in navigating market challenges. The company's commitment to sustainability, innovation, and operational efficiency bodes well for its future growth prospects in the dynamic plant-based beverage industry.