China snack firm Bestore 2019 profits surge on sound sales growth
Xinhua
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BEIJING, May 3 (Xinhua) -- Chinese snack firm Bestore Co., Ltd. reported a 42.68-percent surge in 2019 net profits as its business expansion and high-end snack development strategy boosted sales.

The Wuhan-headquartered company saw its net profits reach 340.35 million yuan (about 48.21 million U.S. dollars) last year, according to the first annual financial report issued after its February debut on the Shanghai Stock Exchange.

The company's operating revenue climbed 20.97 percent year on year to 7.71 billion yuan in 2019 after it developed high-quality and healthy snacks and expanded online and offline businesses. Its main business revenue rose 20.22 percent to 7.6 billion yuan, with online sales accounting for 48.58 percent of the total.

Bestore listed its shares on the Shanghai bourse through the exchange's first-ever online initial public offering ceremony in February amid the COVID-19 epidemic. Its shares rose to 67.38 yuan per share on April 30, compared with its IPO price of 11.9 yuan per share.

The food company said its first-quarter revenue rose 4.16 percent from one year earlier, but net profits fell 19.43 percent year on year.

To stabilize development during the epidemic, the company has taken various measures including innovating businesses and strengthening management. Of its 12 e-commerce warehouses nationwide, 11 have maintained operations except the one in Wuhan during the January-March period, it said.

Its online sales expanded in the first quarter to account for 55 percent of the total revenue, up from a proportion of 45 percent registered during the same period of 2019.

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(Photo: Agencies)