The a2 dairy group reported a profit of $196 million on a 19% increase in revenue.
Earnings before interest and taxes rose 59% from a year ago, the company disclosed in its annual report.
Annual revenue returned to pre-COVID-19 level.
Revenue from China and other Asian countries of $726 million increased by 24%.
The company noted the declining birth rate in China and the shift to Chinese-brand infant formula.
Sales of Chinese milk labeled A2 increased by 12%.
The company announced a share buyback program of up to $150 million to utilize excess capital.
The a2 stock price has been declining since a high of nearly $20 in July 2020, and after the release of the annual report, the stock price rose to around $5.40 on Monday August 29th.
The a2 company is a leading producer of fresh liquid milk in Australia, using its a1 protein-free production for milk and infant nutrition.
The company licensed the a2 Milk brand to Fonterra in New Zealand, and a2 Milk fresh milk became available in stores from July 2019.