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FrieslandCampina performs well in Pakistan
FrieslandCampina Engro Foods Pakistan had a good third quarter of 2024, achieving higher revenues and profits in the first nine months of the year than last year.
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The company announced this in Pakistan, where it is listed. The turnover for the first nine months of this year amounted to the equivalent of €267 million. The profit amounted to the equivalent of more than €6,5 million.
These are better figures than those achieved in the first nine months of last year, when turnover amounted to the equivalent of €246 million, while profit amounted to almost €5 million.
The improved figures are a great achievement, as the sale of packaged and improved shelf-life (UHT) milk has been taxed at a rate of 1% since July 18, making it virtually unattractive. The measure was introduced to help small Pakistani farmers survive, for whom the sale of loose, unprocessed milk is an important source of income.
CEO Kashan Hasan of FrieslandCampina Engro also sees the still rising inflation as a major threat to the profitability of dairy production in Pakistan. Packaged milk is simply too expensive for many poorer people to purchase.