Annual net profits for Yantai China Pet Foods grew nearly 40% in 2019, reported XinhuaNet. The China-based pet food company’s net profits reached CNY 79 million (US$11.17 million) last year. Yantai China Pet Foods’ sales revenue increased nearly 22% year over year to hit CNY 1.72 billion (US$243 million). Export sales rose to CNY 1.37 billion (US$194 million), up 18% annually. Pet food exports made up nearly 80% percent of the company’s total revenue. The United States, European Union and Japan were the main destinations for these pet food exports from Yantai China Pet Foods.
Chinese pet food giant invests in new Cambodia factory
From previous Petfood Industry reporting by Alma Buelva
Chinese pet food giant Yantai China Pet Foods Co. Ltd. is investing in a new pet treats manufacturing company in Cambodia which will be called I Tao Pet Supplies (Cambodia) Co. Ltd.
The new plant will be located in Sihanouk, Cambodia and will manufacture Yantai's products including the “Wanpy” brand of treats.
I Tao's new 27,000-square-meter factory is expected to become the largest pet food manufacturing facility in the kingdom. Yantai China Pet Foods also said, “it is to rank fourth in the world in terms of production after factories in the United States, Canada and New Zealand.”
Yantai’s global reach
Established in 1998, Yantai China Pets now has 14 pet food and supplies processing plants in China, USA, Canada and New Zealand. The company also has 17 subsidiaries worldwide.
Wanpy and Zeal are among its 12 product brand series that are available in over 1,000 varieties from dry and wet pet food, pet snacks, dog biscuits and dental snacks. Their distribution and sales network spans more than 50 countries.
In October 2019, it entered into a strategic partnership with Alibaba on sales cooperation and brand building as it targets to reach sales of 1.75 billion yuan (US$252.19 million) via Alibaba's platforms by 2021.
China is the biggest source of both foreign direct investments to Cambodia, and is also a key trading partner of the kingdom. According to Cambodian government figures, the two-way trade volume was valued at US$6.6 billion in 2019 and is projected to hit US$10 billion by 2023.
