Snacks deliver limited crunch for Want Want

Snack and beverage maker Want Want China (0151) increased its net profit by 1.1 percent year-on-year to 4.2 billion yuan (HK$4.91 billion) for the year ending in March.

It also proposed a final dividend of 2.1 US cents (16.3 HK cents) and a special dividend of 2.94 US cents.

Revenue during the period jumped by nearly 9 percent to a record high since its listing of 23.9 billion yuan, according to a filing yesterday.

Sales from rice crackers remained flat at 5.59 billion yuan and those from dairy products and beverages grew by 16.9 percent to 12.8 billion yuan.

And sales from the snack foods segment inched up by 1.6 percent to 5.39 billion yuan.

The gross profit margin, however, fell by 3.4 percentage points year-on-year to 44.8 percent due to the increasing cost pressure from the high prices of raw materials and packaging materials.

China's national supply chain and consumption have suffered due to the pandemic, and that had an some impact on its operating performance, Want Want said.

It added that it will remain mindful of systematic risks associated with the pandemic and the macro environment, and it will seek to make adjustments to operations accordingly.