The company noted an increase in finished infant formula sales helped to drive this profit, which was enabled by a number of investments in the blending and consumer packaging space.
Synlait also has today detailed that it has entered into a conditional agreement to acquire selected Talbot Forest Cheese assets.
The proposed acquisition builds on its existing portfolio of high-quality, flexible dairy manufacturing capabilities that can be tailored to meet customer needs.
Synlait’s growth follows in the footsteps of ASX-listed dairy and baby formula companies Bellamy's Australia Ltd (ASX:BAL), A2 Milk Company Ltd (ASX:A2M), Keytone Dairy Corporation Ltd (ASX:KTD) and Australian Dairy Farms Group (ASX:AHF).
Both KTD and AHF have spoken to Proactive Investors over the recent months.
Keytone Dairy recently listed on the ASX after raising $15 million in a successful initial public offering (IPO) in mid-July 2018.
Since listing, the company’s shares have more than tripled to 70.5 cents from their 20-cent listing price.
In early August, Keytone entered an option agreement to acquire additional industrial land adjacent to its existing manufacturing properties in Christchurch, New Zealand.