31 Jan 2023

Vinda announced FY22 results, with revenue increased by 8.1% YoY to HK$19.4bn, driven by resilient growth of 7.8%/ 9.6% YoY in the tissue/ personal care segment to HK$16.1bn/HK$3.3bn. Hit by the spreading of pandemic in China, 4Q22 revenue growth of tissue segment declined by 2.3% YoY in HK$4.54bn, while personal care segment edged down 1.8% YoY in 4Q22 to HK$0.82bn. As for sales channels, for the full year FY22, e-commerce further expanded its lead with 16.7% growth YoY and accounted for 44% of FY22 revenue (FY21: 41%, FY20: 36%, FY19: 29%), with online sales contributed 53% (FY21: 50%) of sales in Mainland China, which accounted for 78% of total sales last year (FY21: 77%). Traditional channels, key accounts managed supermarkets and hypermarkets, B2B corporate customers and e-commerce platforms accounted for 24%, 21%, 11% and 44% of FY22 revenue by sales channels, with a YoY change of flat/ -5%/+11%/+12%, respectively.

CROSBY Research – Vinda International (3331 HK): The worst should be over