Vitasoy has seen revenue in its Australia and New Zealand operations increase three per cent, driven by accelerated sales of its Oat Milk platform.
In its FY2022/2023 results, Vitasoy recorded profits from operations in Australia and New Zealand dropped by 89 per cent, mainly due to increased raw material prices and higher logistics overhead costs.
The company stated that the market for plant-based food and beverages continues to grow in Australia and New Zealand ahead of other markets in Asia, which saw the launch of Vitasoy Café Latte Oat Milk as well as the Vitasoy Greek Style Yoghurt range.
Vitasoy believes this interest in plant-based food and beverages provides the company with a unique opportunity to pilot new initiatives for broader reapplication and will continue to drive key plant milk categories while strengthening the availability and range of its new plant-based yoghurt.
The company also completed the acquisition of the remaining 49 per cent equity interest in its non-wholly owned subsidiary in Australia. The local team will continue to drive the business via core and new products.
As a whole, Vitasoy recorded an attributable profit of HK$45.7 million for the financial year, ending 31 March, recovering from an attributable loss of HK$158.8 million the previous financial year. The company’s annual revenue dropped slightly to HK$6.3 billion from the previous year’s HK$6.5 billion.
Winston Yau-lai Lo, Executive Chairman of Vitasoy International Holdings Limited, said they improved the group’s performance with profitability for FY2022/2023.
“We will remain focused on executing with discipline towards the goal of delivering sustainable growth and profitability.”
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