ANZCO Foods increased turnover by 16% and doubled its net profit in a very good 2022 financial year for the meat processor and exporter.
Turnover rose from $1.64 billion to $1.9bn and net profit before tax from $75 million to $147.7m.
Net profit after tax was $106.6m, compared with $54.3m in 2021.
Chief executive officer Peter Conley said the result reflects a continued focus on core business activities, growing returns from strategic investments and the hard work and dedication of people who continued to deliver through challenging times.
Improved revenue from value-add business investments were big contributors to the strong performance.
Conley mentioned Moregate Biotech in bioscience and Bovogen in healthcare.
“As part of our desire to help farmers in the face of climate change, ANZCO Foods became a founding partner in the Centre for Climate Change Action on Agricultural Emissions,” he said.
“This is a commitment to a four-year industry and government collaboration to accelerate the development, commercialisation, and delivery of effective and affordable tools and solutions for farmers to reduce agricultural emissions.”
Challenges facing the company in 2023 include adverse weather events, global volatility and an uncertain economic outlook.
The company’s Five Star Feedlot in Mid-Canterbury has been destocked because of Mycoplasma bovis.