KUALA LUMPUR, Feb 23 — Dutch Lady Milk Industries Bhd’s net profit for the financial year ended December 31, 2021 (FY2021) soared to RM248.0 million from RM73.36 million recorded a year ago.

Revenue also increased to RM1.13 billion from RM1.10 billion previously, it said in a filing with Bursa Malaysia today.

Continued strong retail performance in combination with the opening up of the Malaysian economy in the fourth quarter (4Q) FY2021 boosted sales compared with Q4 FY2020.

Despite the continued Covid-19 challenges, the company was able to operate at full capacity and drove the penetration of milk consumption with occasions and affordability.

In Q4 FY2021, the operating profit was exceptionally high as a result of the completion of the sales of the land and the related manufacturing facilities in Petaling Jaya.

"This incidental profit is partially offset by the accelerated depreciation of existing assets that would not be transitioned to the new site in Bandar Baru Enstek.

"As a result from aforementioned, reported operating profit increased by 613 per cent to RM 170.3 million compared with Q4 FY2020,” said the dairy company.

On prospects, Dutch Lady said it is determined to invest in Malaysia even in these trying times.

"In 2020, we announced the plans to invest RM400 million between the years of 2021 and 2025 for our future manufacturing activities.

"Dutch Lady will continue to focus on optimising the companies cashflow to battle the inflationary headwinds and secure sufficient funding for the new manufacturing facilities,” it said.

Over the long term, it noted the outlook for Dutch Lady remains positive due to the strength of its brands, and the increasing need and recognition of the goodness and nutritional value of milk among Malaysians. — Bernama