Chinese frozen food giant Sanquan Foods has reported a huge spike in net profit in the first half of the year. Its net profit rose by approximately 400% year on year, reaching over CNY435m (USD61m) in the first six months of 2020, the company said in its preliminary earnings estimate filed with the Shenzhen Stock Exchange.
Sanquan Foods attributed the profit growth to optimized product portfolio, improvement in the quality of its sales channels, and product innovation.
Founded in 2001, Zhengzhou-based Sanquan Food is one of the largest frozen food companies in China. With over 20.000 employees, Sanquan produced the first frozen dumplings and rice balls in China.