Yili Industrial Group Co., Ltd. Reports Impressive Financial Performance with 16.36% Net Profit Growth
Source: The DairyNews
Yili Industrial Group Co., Ltd., a leading Chinese dairy giant, has announced a significant surge in net profit, reaching 9.38 billion yuan (approximately 1.31 billion U.S. dollars) during the first three quarters of 2023, reflecting a remarkable growth of 16.36%. The company disclosed these positive financial results in its recent financial report.
The overall revenue for the same period amounted to 97.09 billion yuan, indicating a 3.84% year-on-year increase. The surge in net profit is attributed to several key factors, including notable growth in sales volume, a decline in material prices, and reduced management and marketing expenses, particularly in the third quarter of 2023.
Breaking down the revenue streams, the liquid milk business played a pivotal role, contributing 65.43 billion yuan, while the milk powder and dairy products business generated 19.92 billion yuan during the first three quarters. This robust financial performance underscores the company's effective strategic management and successful market positioning in the dynamic dairy industry.
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