Strong global demand for premium beef and lamb boosted AZCO Food's profit in the 2022 financial year. Photo: 123RF
One of the country's largest meat exporters has nearly doubled its profit due to strong global demand for premium beef and lamb.
ANZCO Foods has reported a net profit before tax of $147.7 million for the 2022 financial year, a significant rise from the $75m it made in 2021.
Its annual turnover lifted to $1.9 billion, up from $1.64b.
Chief executive Peter Conley said the result reflected a continued focus on core business activities, growing returns from strategic investments and the hard work of staff.
"ANZCO Foods has a core focus on ensuring livestock is procured to meet customer expectations, and this has enabled the company to capitalise on the strong demand globally for premium beef and lamb.
"Our attention to supporting key customer relationships and delivering improved revenue streams from our value-add business investments are also big contributors to the strong performance."
The company's healthcare arm was strengthened with the acquisition of Moregate Biotech which complemented ANZCOs existing work at Bovogen, Conley said.
Bovogen manufactures and supplies high quality animal serums, purified animal proteins and other specialty biotech products which are used in the healthcare and bioscience sectors.
Last year held challenges with ongoing impacts from Covid-19, labour shortages, inflationary pressure, and supply chain disruption.
"2023 is already providing challenges with adverse weather events, global volatility, and an uncertain economic outlook.
"ANZCO Foods remains committed to doing all we can to continue to deliver strong returns, ensure the industry remains stable, and contributes to a strong and vibrant agribusiness sector."