The company achieved US$8.5 billion in revenue, up 1% year-on-year. The group reported a profit attributable to owners of the company of US$115.1 million, a significant improvement on 2020’s loss of US$90.8 million.

Yue Yuen attributed its meagre growth in 2021 to manufacturing disruptions in the second half of the year, which offset solid recovery in the first half. Manufacturing shipment volumes declined by 2.5% for the company in 2021, primarily because of Covid-19 lockdowns in Southern Vietnam.

Revenue attributed to the company’s footwear manufacturing activity (including athletic/outdoor shoes, casual shoes and sports sandals) increased by 1.8% in 2021 to US$4.45 billion. The volume of shoes shipped during the year was 238.3 million pairs, representing a decline of 2.5% over 2020.

The Group’s average selling price increased by 4.4% compared with 2020 to US$18.68 per pair in 2021, reportedly led largely by its continued efforts to refine its product mix with a focus on more high-value orders.

The Group’s total revenue with respect to the manufacturing business (including footwear, as well as soles, components and others) was US$4.91 billion in 2021, representing an increase of 3.8% as compared to the previous year.

Chairman Lu Chin Chu said: “The volatile geopolitical and economic environment will not change the course of our solid long-term strategy, as we continue to strengthen our competitiveness by investing in manufacturing excellence and retail digital transformation. Future prospects for both our manufacturing and retail businesses are bright, with global demand for sportswear remaining robust amid pandemic-changed lifestyles, increased health awareness and the growing ‘athleisure’ trend.”