China Mengniu Dairy Co (HK:2319) has released an update.
China Mengniu Dairy Co. reported a 12.6% revenue drop in the first half of 2024 due to a demand-supply imbalance and sluggish consumer demand, with revenue falling to RMB 44.67 billion. Despite the challenging market, the company improved its gross profit margin to 40.3% and plans a share repurchase of up to HK$2 billion. Alongside financial maneuvers, Mengniu is enhancing its sustainability practices, including green packaging and the dairy industry’s first TNFD report, aligning with its ‘GREEN’ strategy and carbon reduction targets.
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