On April 9, Angel Yeast replied to investors at the 2023 performance briefing that the company’s net profit decline was mainly affected by consumer demand. The increase in the gross profit margin of international business primarily resulted from an increase in revenue and adjustments to the product structure.
The financial report shows that Angel Yeast’s revenue in 2023 was approximately $2.134 billion , a year-on-year increase of 5.74%; net profit was approximately $199.39 million, a year-on-year decrease of 3.86%. The total fermentation output for the year reached 376,900 metric tons, a year-on-year increase of 15.09%, of which the extract output was 138,600 metric tons, an increase of 19.15%. Currently, Angel Yeast has yeast and deep-processed product production bases in 13 cities worldwide, with yeast accounting for 55% of the domestic market and more than 18% globally, ranking second in product scale worldwide. In 2023, domestic and foreign revenues of Angel Yeast were approximately $1.377 billion and approximately $752.02 million, changing by -1.2% and 13.99% respectively.
In response to the loss-making health business, Angel Yeast said that the health products produced by the company are yeast derivatives. The operation and development in previous years were good. Currently, due to changes in the external environment, there is a loss. Angel Nutritech is planning new products, and it is expected to further decrease losses this year. (Source: Beijing News)
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