KUALA LUMPUR, Nov 3 (Bernama) -- Global health and wellness company, Health and Happiness (H&H) International Holdings Limited (H&H Group) total revenue increased by 11.9 per cent year-on-year (yoy) on a reported basis (10.9 per cent on a like-for-like (LFL) basis) to 10.2784 billion Chinese yuan. (100 Chinese yuan = RM64.80) for the nine months ending Sept 30.
In a statement, H&H said the solid third quarter (Q3) revenue growth fuelled by nutritional supplements category contributed to the positive overall result.
Staying on course for its full-year 2023 targets, the company’s Q3 progress was primarily fuelled by robust sales in Adult and Pet Nutrition & Care in mainland China, Australia and New Zealand, and North America.
New H&H Group Chief Executive Officer, Camillo Pane said in the first nine months ending September 2023, the group has achieved its targeted LFL net revenue growth and is on track for debt reduction in the short to medium term.
“Our strong mix of iconic brands, a motivated team, a robust innovation pipeline, our sustainability programme and strategic focus on key categories position us well to become a global leader in premium wellness and nutrition, driving long-term profitability,” added Pane.
The group’s nutritional supplements revenue grew by 31.4 per cent year to date (YTD) 2023 on LFL basis and remain its strongest revenue generator, contributing 61.4 per cent to total revenue, a clear endorsement of H&H’s strategic focus on its Baby, Adult and Pet Nutritional supplements.
On the other hand, the Baby Nutrition & Care (BNC) segment experienced a 9.7 per cent decline during this period, largely due to industry challenges in mainland China.
It has been strategically enhancing the international footprint of its infant milk formula (IMF) business by launching innovative products to build recognition and trust, by rolling out 'Inostime' in France, a game-changing IMF series enriched with Lactopontin, a crucial component of breast milk, this quarter.
H&H Group anticipates continued challenges in its BNC segment, while expecting a strong growth trajectory for its Adult Nutrition and Care (ANC) and Pet Nutrition and Care (PNC) segments, which consistently show sustained positive consumer acceptance.
Mainland China continues to be a pivotal market for the group, accounting for 70.7 per cent of overall revenue and marking a 6.9 per cent yoy growth in YTD, while the Australia and New Zealand market posted robust double-digit growth of 25.7 per cent in the first nine months, attributed to its success in both domestic and export channels as well as its innovative approach to product development.
-- BERNAMA
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