And A2M are a 5B+ MC company and look at their EBITA and profits...

And A2M are a 5B+ MC company and look at their EBITA and profits

A2 Milk’s annual net profit of $NZ90.6 million jumped from NZ$30.4m a year ago, and comes just two years after the company was loss-making.
A2 Milk said earnings before interest, tax, depreciation and amortisation — or ebitda — of $NZ141.2m more than doubled on a year earlier, and its revenue increased by 56 per cent to $NZ549.5m.

Go figure, market is a very strange place and far from Adam Smith's idealist model of a perfectly competitive one.