Tingyi Holding Mid-Year Profit Up 7.13% to RMB2.433 Billion; No Interim Dividend

Tingyi Holding announced its interim results for the six months ended June 30. Profit attributable to shareholders was RMB2.433 billion, up 7.13% year on year, mainly driven by higher gross margin. Earnings per share were RMB0.4316, and no interim dividend was declared. During the period, revenue was RMB40.545 billion, up 1.13% year on year, while gross margin increased 1.3 percentage points to 35.8%.

In the first half, the instant noodles business generated revenue of RMB13.733 billion, up 2% year on year. Due to product mix adjustments, the gross margin for instant noodles rose 2.5 percentage points to 30.3%, driving profit attributable to shareholders up 5.5% to RMB1.003 billion.

The beverage business posted overall revenue of RMB26.541 billion in the first half, up 0.7% year on year. Through product mix adjustments, the gross margin for beverages increased 0.7 percentage points to 38.4%, driving profit attributable to shareholders up 10.7% to RMB1.478 billion.