- Keytone Dairy (KTD) has received follow-on orders valued at nearly $1.7 million from Shanghai-based Nouriz and Walmart China
- The value of Nouriz and Walmart’s orders were significantly higher than the orders placed in the past six weeks
- This is attributed to the surging demand in the Asian market for high-quality nutritional milk and dairy products
- In fact, Keytone has reportedly rallied up a staggering $5.3 million worth of orders in the past 24 hours due to the COVID-19 outbreak
- This is a 210 per cent increase when compared to results in FY19
- The dairy company will commence manufacturing these orders with delivery expected in June or July
- Keytone Dairy is up 3.49 per cent and shares are trading for 44.5 cents each
Keytone Dairy (KTD) has received follow-on orders from Walmart China and Nouriz for a combined total of $1,688,000.
The Walmart China order for Keytone’s whole and skim milk powders was placed under its Sam’s Club brand. Sam’s Club operates 24 megastores across China but hopes to expand to 40 stores by the end of the year.
Nouriz places its orders under its own brand to offer Chinese consumers high-quality New Zealand-produced milk powders.
“As Walmart and Nouriz scale the existing product offering across their retail stores in China as well as introduce new product SKUs, Keytone will continue to work closely with each client to grow volumes and product capability,” CEO Danny Rotman said.
Walmart China’s order totalled more than $822,000 and is roughly 2.4 times larger than its recent order placed in February 2020.
Similarly, Nouriz’s order came to $866,000 and is seven times larger than the order it placed just four weeks ago.
While Keytone is incredibly pleased with these orders, the dairy manufacturer isn’t all too surprised by the surging demand for its products.
Since the COVID-19 outbreak, the company has experienced an uplifting global demand for its nutritional milk and dairy products.
In fact, in the last 24 hours Keytone has rallied orders of roughly $5.3 million. Just yesterday, the company secured $3.6 million in opening orders from Iovate Health Sciences.
This represents a staggering 210 per cent increase since the audited FY19 financial results.
“These results continue to speak to the credentials, scale and capabilities of the company and we will continue to work closely with all our strategic clients and distributors,” Danny added.
Keytone stated the orders will be manufactured in the next few months and will be exported to China in June or July 2020.
Keytone Dairy is up 3.49 per cent and shares are trading for 44.5 cents each at 12:04 pm AEST.