Yili Reports Strong Q1-Q3 Revenues
HOHHOT, China, Nov. 2, 2018 /PRNewswire/ -- China's largest dairy producer, Inner Mongolia Yili Industrial Group Co Ltd., posted a 16.88 percent year-on-year increase in revenues for the first nine months of this year, according to a financial report released by the company, on Oct 30.
China's largest dairy producer, Inner Mongolia Yili Industrial Group Co Ltd, posted a 16.88 percent year-on-year increase in revenues for the first nine months of this year, according to a financial report released by the company, on Oct 30.
The firm reported revenues of nearly 61.33 billion yuan ($8.80 billion), with a net profit of 5.06 billion yuan, making it the top earner in the Chinese dairy industry.
Dairy firms need to work together throughout the industrial chain; and they need to innovate and cooperate with each other to meet rising global demand for dairy products, said Pan Gang, chairman of Yili.
Yili has worked hard to improve the quality of its milk, employing both foreign and domestic experts to offer advice to the company. It has regularly launched new products, and it was responsible for setting up the European Innovation Center. Since 2017, income from new products has risen from 9.3 percent to 13 percent.
In addition, Yili has established the world's largest integrated dairy base in New Zealand where it created its "PRO-KIDO" milk powder range. It has also pushed its "Joyday" ice cream in the Indonesian market, with a view to expanding into other South Asian countries.
According to Nielsen's data, by the end of August 2018, Yili's share of offline retail sales in China was 37.5 percent -- making it the top performing company in the industry.
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