NZ: ANZCO Foods Achieves $61m Net Profit Despite challenging year
New Zealand Meat processor ANZCO Foods says despite a challenging business environment, it has posted a net profit before tax of $61 million for 2023.
The company has described the result as pleasing despite the net profit being less than half of the $148m achieved in 2022.
Turnover for financial year ending 31 December 2023 reached $1.83 billion, slightly below 2022’s turnover of $1.9b. ANZCO Foods Five Star Beef operation was closed for six months during the year after the farm was infected with Mycoplasma bovis.
ANZCO Foods chief executive Peter Conley paid tribute to the hard work of the company’s people, adding that a relentless focus on core business activities and growing returns from strategic investments were key to the company’s success.
Conley noted the result was particularly pleasing given the challenging business environment the sector experienced during 2023.
“There were some positive signs for exporters during the year including the Covid recovery bringing an upswing in tourism and restaurant business, however, this was countered by the global impact of rising costs and interest rates, as well as consumers facing higher living costs.
“The recovery in China has been slower than anticipated and this coincided with difficult trading conditions for some key products in other markets. With a strong global reach, ANZCO Foods managed to effectively navigate market pricing challenges for beef and lamb at various stages of the season,” says Mr Conley.