Belgian chip group Agristo has increased its net profit to €224 million in 2024. This is the second consecutive year in which the group has achieved a profit of more than €200 million.
Agristo has made great strides. From 2014 to 2021, the group's net profit fluctuated between €2 and €28 million. In 2022, profit increased to €76 million. At that time, this represented a more than tenfold increase compared to the previous year. This trend continued in 2023, with a threefold increase in profit to over €200 million.
The family business's revenue from potato processing is almost entirely used for new investments within the group. Its ambitions are ambitious; it aims to be the most innovative French fry company in the world.
In addition to production in Belgium and the Netherlands, Agristo established a flake production line in India in 2022. This year, the company announced plans to build a factory in North Dakota, United States. In Europe, the company faced headwinds this year and therefore decided to suspend construction of a new factory on the site of an old sugar factory in France.
In 2024, according to the annual accounts, significant revenue growth of almost 6% was achieved. This made it a quieter year for Agristo, as revenue had increased by more than 40% annually in the two preceding years. EV sales rose from around €600 million in 2021 to over €1,3 billion in 2024, more than doubling.
Inflation, coupled with a sharp increase in sales prices, has been very profitable for the group. Operating profit rose above €100 million in 2022, and in 2024, a step was taken towards exceeding €300 million. According to the group, production of fries and other potato products is now approaching the 1 million ton mark.