News Annual figures 2022
Headwind visible in Agrifirm's result
According to Agrifirm, 2022 was a challenging year, mainly prompted by the volatile raw material prices as a result of the war in Ukraine. As a result, the profit and therefore the dividend for the members take a considerable step back. Feed sales are also subject to erosion, while vegetable sales are increasing.
Agrifirm posted a profit of €2,81 million from a turnover of €24,1 billion. This is significantly lower than in 2021 when €33,9 remained below the line. The dividend will therefore also decrease from €25 to €14,3 million. The declining profit is a result of the volatile raw material prices, says CEO Dick Hordijk in an explanation of the figures. This also affected the cash flow, which dropped from €38,5 million to just under €15 million. Animal diseases, in the form of bird flu, also hinder the result.
What is also striking is that the foreign participations of the cooperative in Algeria, China and Ukraine have a negative impact on the result, with a loss of € 200.000. That was already the case in 2021.
Shrinkage in feed, growth in vegetable
Not only the financial figures, but also the feed sales are taking a step back. Sales of compound feed fell by about 6% to 3.401 tonnes. Also striking is the declining sales of co-products that go through subsidiary Bonda. With sales of 986.000 tonnes, the volume fell below the 1 million mark for the first time in a long time. Since 2018, sales of by-products have even halved. A remarkably rapid decline in times when the use of residual flows is in the spotlight. Total sales of animal feed fell by more than 5%. Although Agrifirm does not specify the figures per animal category, it is likely that the contraction is mainly in the pig sector.
The vegetable branch shows better numbers. Sales of fertilizer and arable products grew by 8,5% to 750.000 tonnes. The turnover of plant protection products is also on the rise and passed the €150 million mark for the first time.
Read here also the interview with Agrifirm CEO Dick Hordijk about the annual results and broader developments in the Dutch agricultural sector.
Wouter Job
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