Vitasoy announces financial results for 2023/2024

Financial Highlights

Hong Kong, June 20, 2024 HONG KONG, HONG KONG, 18 March 2024 /PRNewswire/ — Vitasoy International Holdings Limited (“Vitasoy” or the “Company”, and together with its subsidiaries, the “Group”; Stock Exchange symbol: 00345) today announced its results for the full year ended 31 March 2024.

For the 2023/2024 financial year, the Group's shareholder return is expected to increase significantly by 155% as a result of the focus on improving field sales in Mainland China and leveraging portfolio innovation in the Hong Kong business, partially offset by manufacturing attainment challenges in Hong Kong. Australia It is a challenge the Group is currently working on. For 2023/2024, Group revenue increased 1% year-on-year excluding the impact of foreign exchange, as a 3% decline in the first half of the financial year was more than offset in the second half by a 10% revenue increase in Mainland China and a strong performance from our Hong Kong business.

Given the Group's improving financial performance and cash position, the Board has decided to declare a final dividend of 6 Hong Kong dollarsA dividend of 0.3 cents per ordinary share for the 2023/2024 financial year will be paid at the annual general meeting on August 19, 2024. 1 Hong Kong Dollar0.4 cents per ordinary share, resulting in a total dividend of 0.4 cents per ordinary share for 2023/2024. 7 Hong Kong dollars0.7 cents per common share.

Mr. Winston YauMr Lai Lo, Executive Chairman of Vitasoy International Holdings Limited said, “In FY2023/2024, we have improved the group's structural profitability through increased operational efficiency and strengthened on-site sales. Looking ahead, we are confident that both our VITASOY and VITA brands are well positioned to capitalize on the growth opportunities presented by consumers seeking plant-based beverages. As a responsible company, we will continuously improve our environmental, social and governance performance in line with our sustainability framework and the latest regulatory requirements.”

main land China –
Revenue growth picks up in the second half of the year, with a big swing towards total revenue debtFinance yesEar profitability

main land China Revenue was flat year-on-year in RMB terms, but 10% growth in the second half generated operating profit of RMB29 million, reversing the revenue decline in the first half of the year. Balanced performance across brand platforms, channels and regions.

The story continues

Operating profit for the year increased significantly by 402% in local currency due to higher prices, efficient spending on trade promotion and effective containment of operating expenses.

Hong Kong Operation (Hong Kong Special Administrative Region^[1], Macau SAR^[2] and Export) –
Sustainable growth driven by core business strengths and incremental product innovation

Vitasoy's Hong Kong business saw revenue and profit increase driven by strength in its core business, better leverage of selective innovation, increased consumption in convenience stores and a normalisation in its Vitaland schools business.

Operating profit increased 3%. However, excluding COVID-19 related government subsidies, operating profit growth was actually much stronger, at 42%, as Vitasoy sought to save on material and production costs.

Australia and new zealand –
Factory fulfillment and logistics transition issues (currently being addressed) affected the results.

Despite strong demand for our plant-based products, our revenues will decline in local currencies in 2023/2024 Hong Kong Temporary manufacturing capacity shortages and stock-outs resulting from logistical issues resulted in losses measured in dollar terms. Vitasoy is currently addressing these issues and providing comprehensive group-wide support to its manufacturing plants. Australia It will ensure an accelerated and sustained recovery of production capacity and stability in 2024/2025.

Capitalizing on the positive feedback and growth of VITASOY Soy Greek-style yogurt, Vitasoy introduced an entirely new oat-based yogurt portfolio. The expanded offerings have accelerated the growth of the platform.

Due to stock shortages, increased market competition, rising raw material, logistics and overhead costs, and other operating costs incurred during the transition to full ownership on the 13th,^Number In February 2023, the market recorded an operating loss of A$16 million for the 2023/2024 financial year.

Singapore –
Beverages sale Fall ahead of distributor change, Offsetting the strong growth in tofu exports

Revenues decreased by 2% in local currency, remaining in line with the prior-year period. Hong Kong In dollars, the overall performance was impacted by a temporary decline in beverage sales ahead of a change in distributor, offsetting positive growth in tofu exports.

The increase in operating loss was primarily due to higher raw material costs and competitive pricing, partially offset by effective management of operating expenses.

Philippines –

The joint venture with Universal Robina Corporation will continue to invest in building the VITASOY brand and increasing awareness and adoption of the soy category through promotional trials to grow sales and market share. Additionally, the company will continue to enhance its local manufacturing capabilities to increase product offerings and drive efficiencies.

Overall outlook

“Vitasoy remains well-positioned to realize long-term value and growth in the marketplace with its strong brand equity, core product portfolio and continued innovation. Vitasoy's enhanced organizational capabilities and international breadth of plant-based food and beverage products that appeal to health-conscious consumers are also distinct strengths.

For more information, see the following resources:

About Vitasoy

Vitasoy International Holdings Limited is a leading manufacturer and distributor of plant-based foods and beverages, founded in 1940 by the late Dr. Lo Quy Sung. Hong Kong ChinaThe company aims to promote sustainable plant-based nutrition by offering a range of high-quality products with nutrition, taste and sustainability as the guidelines for its portfolio. Currently, Vitasoy is Chinaincluding mainland China and the Hong Kong Special Administrative Region, Australia, Singapore and PhilippinesThe company's products are sold in approximately 40 markets worldwide.

Vitasoy is listed on the Main Board of the Stock Exchange of Hong Kong Limited (00345.HK) and is included in the Morgan Stanley Capital International (MSCI) Hong Kong Small Cap Index and the Hang Seng Corporate Sustainability Benchmark Index.

Vitasoy Website: www.vitasoy.com

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SOURCE Vitasoy International Holdings Limited