May 4, 2022

Yili becomes Asia's first dairy producer to exceed US$15 billion in annual revenue

 

Global dairy giant Yili Group has become Asia's first dairy producer to post annual revenue exceeding ¥100 billion (US$15 billion), consolidating the company's dominance in the region.

Total revenue for the company in 2021 was ¥110.595 billion (US$18 billion), up 14.15% year on year, and more than ¥13.7 billion (US$2.1 billion) compared to the previous year. Net profit jumped 23% year-on-year to reach ¥8.732 billion (US$1.3 billion).

First-quarter results for 2022 revealed the overall revenue for Yili Group was ¥31.047 billion (US$4.7 billion), an increase of 13.47% year-on-year. Net profit rose by 24.08% year on year to reach ¥3.508 billion (US$530 million).

Pan Gang, chairman and president of Yili Group, noted that Yili will work at full capacity to ensure a sufficient supply of dairy products during the ongoing pandemic. The company will keep working with partners to meet customers' health needs, as well as to create value for employees, investors and society.

Yili's core products maintained strong momentum in 2021 due to the company's investment in product innovation, product portfolio optimisation and channel expansion. Its major liquid milk business generated revenue of ¥84.911 billion (US$13 billion), up 11.54% year on year, and continues to top the dairy market.

In FY2021, Yili's milk powder and related businesses generated ¥16.209 billion (US$2.5 billion) in revenue, an increase of 25.80% year-on-year, showing strong growth momentum. In the high-potential cheese sector, Yili's cheese business grew by more than 150% year on year.

Yili's R&D expenditure grew 23.39% to ¥601 million (US$91 million), a figure significantly higher than the industry average.

In March 2022, Yili completed the formal acquisition of Ausnutria Dairy. The company founded a cheese company in response to rapid growth in the industry.

Yili's main products have also now entered markets across five continents and more than 60 countries and regions, with revenue from its overseas business growing by 8% year-on-year.

- Yili Group