Japfa profits soar by 168% in 2020
The agri-food firm's profits were driven by its operations in Vietnam and China.
Japfa's profits soared in the full year of 2020 despite the ongoing pandemic.
In a declaration to the bourse, Japfa reported a net profit of US$322m in 2020, 168% higher than the US$119m recorded the previous year.
Whilst its performance in Indonesia's poultry industry lagged, it was offset by the robust results from its swine operations in Vietnam and dairy operations in China.
“This robust performance demonstrates that our diversification strategy across proteins and countries is a true strength in cushioning cyclicality and market’s challenges,” said Japfa CEO Tan Yong Nang.
The company continues to anticipate challenges in 2021 brought about by COVID-19, particularly in Indonesia. It plans to continue its growth in Vietnam and China.