Established in 1963, Dutch Lady Milk Industries Berhad manufactures and distributes dairy products including growing-up milk powder, liquid milk, and yogurt. Dutch Lady is a household name in Malaysia. It was estimated that almost six out of 10 households in Malaysia consumed Dutch Lady products in 2021. Here are seven things I learned from the 2022 Dutch Lady Milk Industries AGM. 1. Revenue grew 3.0% year-on-year to RM1.1 billion in 2021 because of continued strong in-home consumption of its products. Its product volume growth was 7% during the year. The dairy manufacturer’s market share improved from 23.7% in 2019 and 25.5% in 2020 to 26.6% in 2021, more than double the closest competitor’s market share of 11.8% in 2021. Net profit surged more than threefold from RM73.4 million in 2020 to RM248.0 million in 2021. If we had removed one-off items — such as the gain from disposing of its factory...