News Annual figures 2021
Feed sales grow, lower profit for Fuite brothers
Compound feed manufacturer Gebroeders Fuite from Genemuiden saw the sold compound feed volume increase slightly last year. However, there was a big bite out of the profit, according to the figures that were filed with the Chamber of Commerce in October.
Fuite brothers saw the compound feed volume sold last year increase by 5.000 tons to 746.000 tons. This makes the company estimated to be the fifth largest feed company in our country, after ForFarmers, De Heus, Agrifirm and ABZ Diervoeding. Feed group South is hot on their heels in terms of market share. Although sales growth is limited, this can be seen as a great achievement in a market with shrinking animal numbers. For 2022, the management assumes stable to slightly shrinking sales figures.
Due to higher raw material prices, turnover increased last year by just 20% to €271 million. Profit fell by about 30% to €9,2 million. This was due to a lower gross margin, as stated in the annual report. The net profit margin of approximately 3,3% can still be described as good compared to the competition in previous years.
The profit remains in the company, as no dividend has been paid. This is probably done to maintain additional working capital in connection with the further rise in raw material prices as a result of the war in Ukraine. The Fuite brothers go together with the American grain group Cargill investing in a new feed factory in Hasselt, Overijssel, was announced last year. This factory should be operational in 2024.
Wouter Job
© DCA Market Intelligence. This market information is subject to copyright. It is not permitted to reproduce, distribute, disseminate or make the content available to third parties for compensation, in any form, without the express written permission of DCA Market Intelligence.