March 29, 2023

 

Major pork company WH Group processed 30% more chicken in 2022

 
 

 

Major Chinese pork company WH group processed 30% more chicken in 2022 as it diversifies to other meats to reduce costs and boost competitiveness, Today Online reported.


The company, which owns Smithfield Foods in the United States and has operations in Europe, announced a 34.4% increase in annual profit to US$1.4 billion, thanks to a pre-tax gain of US$414 million from the sale of spices company Saratoga Specialty Foods.

 
Without the sale, the profit, before biological fair value adjustments, was unchanged from the US$1.04 billion profit in 2021.
 

Due to significantly higher packaged meat sales volumes in Europe from recently acquired operations and higher prices in the US and Europe to offset rising costs, the company's revenue increased by 3.1% to US$28.14 billion.
 

In China, COVID-19 prevention measures reduced sales volumes in the country.
 

WH Group said that China's pork processing industry is becoming more competitive as more swine farmers construct slaughterhouses to integrate their businesses.
 

The company stated that the expansion of the poultry industry is essential to its diversification, adding that it processed 240 million chickens, geese and turkeys in Europe and China last year, up 30% from 2021.

 

-      Today Online

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