That followed an aggressive programme of investing in honey supply, chief executive Scott Coulter said.
Comvita’s new June 30 balance date coincided with the end of the peak supply season.
The Bay of Plenty company reported an after-tax profit of $18.5 million for the 15 months ended June 30, on sales of $231m.
The profit for the 12 months to March 31 (the previous balance date) had been $17.2m on sales of $200m. That was well ahead of the March 31, 2015, profit of $10.2m on sales of $153m.
Operating earnings (Ebitda) of $39.4m for the 15 months provided a margin on sales of 17.1% and the return on capital employed was 14.3%, chairman Neil Craig said.
Both measures were up on the 2015 year figures of 15% and 12% respectively.
Australia was now the biggest market for the group with sales of $74m over the extended year, with NZ sales at $56m including some based on the re-export market to China.
Sales to China grew strongly, both through e-commerce platforms and the 400 branded retail outlets operated by a Chinese distribution partner, Coulter said.
Comvita estimated more than 60% of eventual total sales were to Chinese consumers.
The company was upgrading its Hong Kong retail stores and also sold premium product in major department stores in Korea and Japan.
In western markets, traditional pharmacy and health food retailing remained the main sales channel.
The fresh Olive Leaf Extract range and the Medihoney range for eczema-prone skin recorded solid sales growth in Australian pharmacy outlets.
Though trading remained difficult in western Europe, the United Kingdom market performed well and the United States business was expected to break even in this year after good 2016 sales from a small initial base.
Comvita remained focused on a target of $400m in sales in five years, Coulter said.
At balance date Comvita had total assets of $243m, up from $199.7m a year earlier.
Highlighting the boost in honey stocks, total inventories were $95m at balance date, up from $44.5m.
Shareholders would receive a final dividend of 2c a share, taking the total to 18c a share for the 15-month earnings period. The 2015 full year dividend was 13c a share.
With the new growth opportunities available, directors had decided to pay out between 40% and 45% of after-tax profit as dividend, down from the previous 50% policy, Craig said.
