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Vinda International (3331 HK) Double-digit organic growth in revenue

Announcement made by Vinda International Holdings Limited (3331 HK) on 18 July, 2019 in relation to its unaudited consolidated financial results for the six months ended 30 June 2019
Mainland China’s organic growth at 15.0%. Total revenue increased by 7.6% to HK$7,891 million, driven by strong sales in all regions particular in mainland China. Double-digit organic growth in e-commerce and B2B channel. Strong performance of premium tissue portfolio and personal care in China.

Improving gross margin thanks to favorable wood pulp price, continuous mix improvement and high-margin products focus. Gross margin in 1H2019 was 28.1%, up by 1.5 percentage points (“ppts”) compared to that in 2H2018. Gross margin in 2019Q2 was 30.0%, 3.7 ppts higher than that in 2019Q1.

Total SG&A expense ratio dropped by 0.8 ppt compared with 1H2018 through effective cost saving initiatives and operation efficiency improvement. Net profit increased by 5.4% to HK$440 million (1H2018: HK$417 million). Net gearing ratio2 decreased by 9.8 ppts to 49.9% (1H2018: 59.7%). Basic earnings per share rose by 5.4% to 36.8 HK cents (1H2018: 34.9 HK cents). An interim dividend of 7.0 HK cents per share has been declared (1H2018: 6.0 HK cents per share).

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