SFF profit skyrockets

Richard Young.
Richard Young.
Silver Fern Farms Ltd has posted a net profit after tax of $70.7million for the 2019 financial year — its strongest result for the past decade — and a massive jump from $5.8million the previous year.

Silver Fern Farms Co-operative, which jointly owns Silver Fern Farms Ltd with Chinese-owned Shanghai Maling, has reported a net profit after tax of $34.9million.

Silver Fern Farms Co-operative chairman Richard Young said the financial result achieved by the entities provided stability for both the co-operative and the operating company.

‘‘The co-operative is in a strong position, with no debt. Whilst this was achieved last year, we now have a strong platform to weather a period where our country and the world is in a period of considerable economic uncertainty.’’

Silver Fern Farms Ltd achieved revenue of $2.6billion, earnings before interest, tax, depreciation and amortisation, including share of associate earnings, of $123.4million, and net profit before tax of $89.6million.

The co-operative’s annual meeting will be held as a virtual meeting on Thursday, April 30.

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