H&H GROUP POSTS DOUBLE-DIGIT TOP LINE GROWTH IN 1H 2023

KUALA LUMPUR, Aug 28 (Bernama) -- Health and Happiness (H&H) International Holdings Limited, a global family nutrition company, has achieved revenue of over 6.98 billion Chinese yuan, a reported increase of 17.2 per cent for the six months ended June 30 (1H 2023). (100 Chinese yuan = RM63.79)

The group’s high-margin and fast-growing nutritional supplements across three business pillars have emerged as the largest revenue contributor, making up 60.1 per cent of the group’s total revenue, while net profit reached 608.0 million Chinese yuan, a year-on-year increase of 28 per cent.

Its Interim Chief Executive Officer & Chief Strategy and Operations Officer, Akash Bedi said the group has seen a very promising first half of 2023, passing several important milestones, and setting itself up for a strong full year outlook.

“Thanks to our innovative product strategies and diverse business model, revenue from high-margin and fast-growing nutritional supplements across all three of our ANC, BNC and PNC business segments is now our largest revenue contributor,” he said in a statement.

In the Adult Nutrition and Care (ANC) segment, it has now become the group’s largest growth contributor delivering revenue growth of 43.2 per cent on a like-for-like (LFL) basis, led by a strong first half for Swisse which surpassed AUD$1 billion in global sales. (AUD$1=RM2.98)

However, Baby Nutrition and Care (BNC) segment confined to low single-digit sales decline of 2.1 per cent on a LFL basis, amid strong market headwinds, partly offset by growth in Biostime paediatric probiotic and nutritional supplements.

Meanwhile, Pet Nutrition and Care (PNC) segment delivered strong revenue growth of 21.4 per cent on a LFL basis, with Zesty Paws officially recognised as the number one brand of pet supplements in the United States.

As of June 30, the group has improved its net leverage to 3.40 times and remained on track to deleverage its balance sheet in the coming years, as well as maintained a stable dividend pay-out ratio of 50 per cent consistent with the previous periods.

For sustainability progress, the group submitted its science-based greenhouse gas emissions reduction targets to the internationally renowned Science-Based Targets initiative (SBTi) to continue to drive long-term growth with impact, in April, this year.

Looking ahead to the remainder of the year, the group is well positioned to maintain top line growth for the full year, driven by the globalisation of its brands and diversification of its portfolio across the ANC, BNC and PNC businesses.

-- BERNAMA