(Yicai Global) Feb. 28 -- Chinese soy sauce maker Qianhe Condiment and Food is predicting net profit for the year 2022 to soar by as much as 60 percent from the year before, and others are equally optimistic as Chinese consumer goods producers gradually start making money again after a difficult few years.

Twelve out of the 15 consumer goods firms listed on the Shanghai stock exchange to have released their 2022 performance forecasts so far are expecting a jump in profits. And seven anticipate a 30 percent or more year-on-year gain.

Qianhe Condiment predicts net profit to soar between 40 percent and 60 percent last year from a year earlier to between CNY310 million (USD44.6 million) and CNY354 million, the Meishan, southwestern Sichuan province-based company said last month.

While Sichuan Teway Food Group, best known for its hotpot seasoning, says net profit could surge by 85 percent over the period to CNY340 million and revenue swell 33 percent to CNY2.7 billion (USD388.9 million).

Some firms have already published their earnings reports. Jiangsu Hengshun Vinegar Industry, which makes the staple ingredient Zhenjiang vinegar used in Chinese cuisine, was the first out of the 44 consumer goods firms listed in Shanghai to release its annual results yesterday. It logged a 16 percent jump in net profit last year from the year before to CNY140 million (USD20.1 million) while revenue surged 13 percent to CNY2.1 billion (USD302 million).

Energy drink maker Eastroc Beverage Group is expecting net profit to soar 21 percent year on year to CNY1.4 billion, while revenue should surge 22 percent to CNY8.5 billion, the Shenzhen-based company said earlier, citing unaudited data.

Not long ago, food producers were under great pressure due to the surging cost of ingredients, labor, electricity and transport, an industry insider said. This forced many to find ways to cut costs, such as by hiking research and development, stepping up digital management and expanding their footprint in the industry.

Some also raised funds to finance capacity expansion and other business developments by re-financing, spin-off listing, issuing shares on overseas bourses and other means. Both Teway Food and Angel Yeast were given the greenlight to list on the Swiss Stock Exchange earlier this month.

Editors: Shi Yi, Kim Taylor