DUTCH LADY MILK INDUSTRIES BHD (DLADY)

Dutch Lady Milk Industries Bhd (DLADY 3026)

Dutch Lady is not just a dairy company. It is a post-capex recovery story - one of the most significant capital investment cycles in the company's history now entering its payoff phase. After spending RM596.8 million building the new DLMI@Enstek factory, Dutch Lady is now entering what could be its most important phase: efficiency harvesting.

Company Background

Founded in 1963, Dutch Lady Malaysia has operated for more than 60 years as the country's most dominant dairy brand. The company is listed on Bursa Malaysia under code 3026 and is a subsidiary of Royal FrieslandCampina from the Netherlands, which holds a ~47% majority stake.

The company carries Shariah-compliant status, making it eligible for purchase by investors prioritising Islamic investment principles and Shariah unit trust funds.

Business Segments

The Dutch Lady brand reaches 57.7% of Malaysian households - nearly 6 in every 10 families in Malaysia use their products.

The Big Story: Post-Capex Recovery Phase

To understand Dutch Lady today, you need to understand what happened between 2021-2024:

• 2021: Sold the iconic Petaling Jaya factory (~RM200 million one-off gain)
• 2022-2023: Most challenging phase - massive capex + global dairy commodity inflation pushed net profit down to ~RM72 million
• July 2024: DLMI@Enstek factory became fully operational
• May 2025: New Distribution Centre (25,000-pallet capacity) opened
• FY2025: Net profit RM103.3 million - recovery underway, but not yet at peak

DLMI@Enstek Factory

Located in Bandar Enstek, Negeri Sembilan, Dutch Lady's newest factory is the most modern in the company's history:

• Size: 30 acres (double the capacity of the old PJ factory)
• Technology: IoT automation, smart processing systems
• Investment: RM596.8 million (total)
• Status: Fully operational since July 2024

Q3 2025 proved what this factory can deliver - net profit of RM32.1 million was the highest in eight recent quarters.

New Management

In March 2025, Veronika Winanti Wahyu Utami was appointed as the new Managing Director. She brings extensive experience from Frisian Flag Indonesia (FrieslandCampina's Indonesian subsidiary) and previously served as Vice President at Unilever. Her appointment reflects FrieslandCampina's commitment to accelerating Dutch Lady Malaysia's recovery.

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