Retail and brewery units expected to continue to spur growth amid robust demand and favourable state policies
Red-chip consumer product distributor China Resources Enterprise expects its retail and brewery units to continue to spur profit growth after helping deliver a record-breaking $2.22 billion last year, according to chairman Charley Song Lin.
Combined turnover of the retail unit's supermarkets and fashion brand distribution and the brewery unit's Snow beer would grow at least 10 per cent this year, thanks to favourable government policies and robust demand, he said.
China Resources, whose business also includes textiles, food processing, property and petroleum, registered 50 per cent growth across the board, having turned around two loss-making operations - supermarkets and textiles - from last year.
'I am satisfied with the overall results, which were difficult to achieve given punishing competition,' Mr Song said.
'The strong performance and growing market shares of our retail and beverage units mean that we are on the way to be the mainland's biggest consumer product company.'
Turnover hit a record $53.58 billion, up 13.8 per cent. Earnings per share rose 45 per cent to $1.02. The final dividend was raised 56.25 per cent to 25 cents per share, making the full-year payout 41 per cent higher at 38 cents.