Vitasoy International (0345) H2 2024 earnings summary

Executive summary

• FY24 revenue reached HK$6,217M, up 1% net of currency impact and reversing a 3% H1 decline.

• Operating profit rose 79% to HK$185M; attributable profit increased 155% to HK$116M, and basic EPS rose 153% to HK10.9 cents.

• Mainland China and Hong Kong led the recovery; Australia/New Zealand and Singapore faced operating challenges.

• Structural commercial actions, cost control and spending discipline supported profitability.

Financial highlights

• Gross profit was HK$3,111M; gross margin reached 50%, up from 48%.

• EBITDA rose 10% to HK$685M, with margin increasing to 11% from 10%.

• Profit before tax increased to HK$132M from HK$49M; effective tax rate fell to 11% from 57%.

• Excluding prior-year COVID-related subsidies and currency impact, FY operating profit improved more than fourfold.

Outlook and guidance

• Priorities include revenue and profit growth in Mainland China and across the overall business.

• Mainland China will focus on core assets, selective innovation, sales execution and wider product availability; Hong Kong targets growth and stronger profitability.

• Australia plans to restore manufacturing attainment and supply reliability; Singapore targets stronger beverage sales and tofu economics, while the Philippines aims to sustain growth.

• Sustainability targets remain a focus across portfolio and energy use.