Treasury Wine Estates (TWE) has reported a 34.7% increase in sales revenue for its flagship brand, Penfolds, in the Asian market for fiscal year 2024, driven by strong growth in Thailand, Hong Kong, and Taiwan, as well as a recovery in mainland China during the fourth quarter.

Penfolds now accounts for nearly 40% of TWE’s total sales, with the Asia region contributing 62.92% of the brand’s total revenue.

TWE’s annual report shows net sales revenue of AUD 2.739 billion for FY2024, a 13.1% increase from the previous year.        Earnings before interest and taxes (EBITS) rose by 12.8% to AUD 658.1 million.        The company attributed the growth to strong performances from Penfolds and its Americas division, including contributions from its acquisition of DAOU Vineyards in the second half of the fiscal year.   Combined, Penfolds and TWE Americas contributed more than 75% of the group’s EBITS.

Penfolds generated AUD 1 billion in net sales revenue, up 22.1% year-on-year, with EBITS reaching AUD 421 million, a 15.5% increase.        TWE Americas also saw net sales revenue of AUD 1 billion, matching the 22.1% year-on-year growth, with EBITS at AUD 230 million, a 13.1% rise.