The a2 dairy group has recorded a $196 million earnings result on a 19 per cent increase in revenue.
Earnings before interest and tax was up 59 per cent over last year, the company has revealed in its annual report.
The annual turnover has returned to be equivalent to the pre-COVID-19 level.
China and other Asian revenue of $726 million was up by 24 per cent.
The company noted the decreasing birth rate in China and the swing towards Chinese branded infant milk formula.
Sales of Chinese labelled a2 milk were up by 12 per cent.
The company has announced a share buyback scheme of up to $150 million to utilise excess capital.
The a2 share price has been declining since a high of almost $20 in July 2020, and after the release of the annual report, the share price rose to about $5.40 on Monday, August 29.
The a2 company is a major producer of fresh liquid milk in Australia, using its a1 protein free production for milk and infant nutrition.
The company has licensed the a2 Milk brand to Fonterra in New Zealand, and a2 Milk fresh milk became available in stores from July 2019.