Etika International Holdings, the manufacturer and distributor of sweetened condensed milk and F&B Group, says for profit after tax the full year ended September 30, 2009 (FY2009) surged 51.5% y-o-y to RM61.5 million ($25.2 million) in FY2009. This came on the back of a 1.4% increase in revenue to RM600.6 million in FY2009.

Gross profit increased 16.7% to RM151.6 million in FY2009. Gross profit margin improved 3.3 percentage points to 25.2% mainly as a result of lower raw material costs.

Etika says the Dairies Division continues to be a strong pillar for the group’s revenue, making up 68.6% of the group’s total revenue. Notwithstanding the challenging economic situation during the year in review, the Dairies Division registered a 71% surge in profit after tax to RM53.3 million and a 5.3% marginal increase in revenue to RM412.3 million.

The group’s Frozen Food Division made up 19.7% of the group’s total revenue, whilst the Packaging Division constituted 2.7% of total revenue. The Nutrition and Beverage Divisions made up the remaining 9% of total revenue.

Malaysia is still the dominant market for the group in FY2009, accounting for 55.9% or RM336 million of the group’s total revenue. Africa remained the second largest geographical market for the group, contributing 22.0% or RM132.2 million to the group’s total revenue.