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Dairy trader Interfood sees turnover explode
Dairy trader Interfood saw its turnover increase by a record percentage of 60% last year. This happened in a year with record high dairy prices and strong volatility. In the midst of all this, the company also managed to achieve more profit than in 2021. The profit increase lagged somewhat behind the development of turnover.
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Total sales rose to €3,6 billion last year. That is €1.349 million, or 60% more than in 2021, when turnover amounted to €2.253 million.
This means that Interfood is only a small step below fellow trader Hoogwegt, which achieved a turnover of €3,8 billion last year. The Arnhem family business was slightly slower in terms of turnover development, but did record a doubling of profit. That didn't work at Interfood. Net profit rose to a record €33,4 million, 48% more than the net result for 2021.
Due to the high dairy prices, much more credit was needed last year. As a result, the balance sheet total rose sharply and shareholders' equity and solvency fell by a notch, but these are normal matters given the circumstances.
The fact that it was mainly the prices that exploded is evident from the development of the traded volume of dairy products. In 2021, 1,01 million tons of product were traded, in 2022 the traded volume increased by 16% to 1,17 million tons.
Interfood foresees more normal circumstances for this year. Dairy prices are falling and consumers have less to spend. CEO Frank van Stipdonk cannot yet say what this means in concrete terms. It will be a quieter year. In the meantime, Interfood is also looking at dairy alternatives. They are becoming increasingly important for some consumers, but Interfood is not yet fully involved in the trade in these products. The company keeps a finger on the pulse and wants to be able to respond quickly to developments when the time comes, if necessary.