ANZCO Foods Limited has reported a pre-tax profit of $1.8m for the year ended 31 December 2017.
“Revenue at $1.46 billion was consistent with the previous year. This result reflects a tough year in beef processing which comprises around 60 percent of ANZCO Foods business,” says group chief executive Peter Conley.
ANZCO Foods has aggressively pursued its strategy to reposition itself and create net value from food, nutrition, and healthcare products. These initiatives have contributed positively to the company’s performance with a 30 percent lift in sales in those categories, says Conley.
Growth of the Wakanui brand supported ANZCO’s differentiated beef strategy in New Zealand, Asia and other markets, including the first shipments to China with the opening of that market for chilled New Zealand beef and lamb.
The company reinvested $27.5m in capital projects during the year. In November a new Wakanui steakhouse restaurant opened in Singapore, complementing the two restaurants located in Japan. This expansion supports the promotion and growth of New Zealand food products.
A continued focus on health and safety delivered improved performance for ANZCO, with injury rates reduced by 27 percent in 2017 compared to 2016. The upgrade of the Rangitikei lamb cutting room saw ANZCO Foods recognised in the Safeguard New Zealand Workplace Health and Safety Awards in the category of “Best initiative to address a work related safety risk”. Conley says this award further supported the significant effort that has gone into lifting ANZCO Foods’ health and safety culture.
ANZCO Foods parent company Itoham Yonekyu Holdings reported a net profit of $205m for the year ended 31 March 2018, on a turnover of $10.9 bn.
As a result of a shareholding change in 2017, ANZCO Foods became a 100 percent subsidiary of Itoham Yonekyu Holdings, a global top 10 meat company. This shareholding change was a vote of confidence in ANZCO and the New Zealand food sector said ANZCO Foods chairman Sam Misonou. ANZCO is an important part of Itoham Yonekyu’s global growth strategy, leveraging ANZCO Foods capability to grow the business internationally, particularly in Asian markets.