The company achieved a revenue increase in the period of 8.2% to US$6.98 billion, while manufacturing shipment volume was up by 19% year-on-year to 213 million pairs.

Yue Yuen attributed this strong growth to solid global demand for its footwear products on top of a low-base effect. Revenue attributed to footwear manufacturing activity alone was up by 33% to US$4.4 billion.

Footwear average selling price saw an increase of 11.8% in the first three quarters of 2022 to US$20.61 per pair, led by demand for higher-end footwear.

Gross profit for the nine months ended September 30 was up by 6.3% to a total of US$1.66 billion, while gross profit for the manufacturing business was up by 55.7% to US$872.9 million.

Though cautious of ongoing macroeconomic issues on both a global and local scale, Yu Yuen remains optimistic about its full 2022 and 2023 financial outlook and will “continue to commit to its mid-term strategy of diversifying its manufacturing capacity in Southeast Asia, particularly in Indonesia where labour supply and infrastructure are supportive of sustainable growth.”