Belgian potato processor Agristo has published its financial figures for 2023. These show that the company recorded a record profit of €210 million in the more than forty years that the family business has been active. Turnover increased by no less than 40% to €1,27 billion.
It is clear that the last few years can be called golden times for potato processors. This is also evident from the financial figures, which are made public with some delay. For example, Agristo, with its head office in Wielsbeke, Flanders, filed its annual accounts for 2025 at the beginning of 2023.
The biggest
This shows an annual turnover of €1,27 billion, which is 40% more than the €902 million in 2022. Net profit tripled to €210 million, according to the Belgian business newspaper De Tijd. With these figures, it is one of the largest potato processors in the country and one of the largest private companies in Belgium. Worldwide, it can count itself as one of the largest processors. It remains to be seen what competitor Clarebout will come up with. They have not yet published results for 2023.
High profit margins on the produced fries and other potato products are the direct reason for Agristo's strong growth figures. That is also why the net profit was able to increase from €76 to €210 million. As a result, the reserves increased to €425 million. This is also necessary, because the company has strong ambitions. It purchased a site in Northern France, where the first fries are to roll off the production line in 2027 in a brand new factory. Investments are also continuing in the Belgian factories, with an additional line that is to be operational in 2026. It now has a factory up and running in India and there are advanced plans to start working with potatoes on another continent.
Doubling of production
A total of €650 million is needed for all these investments, Agristo announced at the end of last year. In 2030, it wants to have doubled its product. This concerns 1,4 million tons of end product, compared to 874.000 tons produced in 2023.
Personnel changes
Co-CEO Hannelore Raes will lead the company from a different position. Until this year, she was responsible for running the company together with Filip Wallays. The Raes and Wallays families founded a company in frozen vegetables in 1983 and shifted that focus to fries in 1987. Her new position is called Global Chief People & Finance. She will be responsible for HR policy and finances. Wallays will remain the sole CEO and figurehead.