China’s two largest dairy companies have reported record profits this year but are seeking to increase sales in south-east Asia through investment in production facilities, as growth slows in their domestic market.
China Mengniu Dairy, which said on Thursday that its 2018 net profit jumped 49 per cent to Rmb3.04bn ($452m) on revenues of Rmb69bn, opened a $50m factory in Indonesia in November to produce yoghurt.
“Internationalisation is one of our core strategies,” Shi Yudong, a manager at Mengniu’s research and development department, said in an interview. “South-east Asia has a large population and a huge consumption potential.”
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