Tingyi (Cayman Islands) Holding Corporation, which owns the Master Kong brand, has published its financial results for the third quarter of 2009 stating that its net profit increased by 60%, a record-high growth for an individual quarter.
According to the report released by the company, its revenue in the third quarter of 2009 increased by 16.29% year-on-year to USD1.537 billion. Of the total revenue, USD594 million was from its instant noodle business and USD888 million was from its beverage business.
Frank Lin, the CFO of Master Kong, told local media that the company has become the largest instant noodle provider in the Chinese market. His statement was supported by the statistics published in September 2009 by ACNielsen, a U.S. market research company, which said Master Kong's instant noodle products topped the Chinese market with a market share of 54.2%.
Lin said that with a continuing focus on instant noodles, beverages, and cake products, Master Kong aims to improve its performance in mainland China.
Lin also revealed that, with the completion of the second-phase project of Master Kong's plant in North China, the company's instant noodle production capacity will be increased by 20% in 2010 to an annual capacity of five billion packets.