WH Group’s net profit increased by only 1%, to $557 million in the first semester of 2017
The Group also reported an increase of its turnover of 2% to 10.66 billion dollars and an increase in its operating profit of 7.5% to 901 million dollars, according to a press release.
At the beginning of 2017, the Group completed its acquisition of Clougherty Packing, California’s largest pork processor, and its two brands - Farmer John and Saag’s Specialty Meats.
In July, WH Group announced the acquisition of meat processing plants and a hog slaughterhouse in Poland, which "helps strengthen the vertically integrated supply chain in the European market," the Group said.
Furthermore, the Group recently acquired the American sausage supplier Kansas City Sausage Company and announced that it wants to invest in the local meat-kit maker Chef'd.
The total number of hogs that WH Group processed in the first semester of 2017 reached 25.93 million heads, with an annual increase of 7.2%. The group's external sales volume for fresh pork rose by 8.2%, to 2.2 million metric tons. The volume increased in both China and the U.S., at 5.2% and 11.1%, respectively. Fresh pork turnover grew 1.2% to US$4,640 million and the operating profit grew significantly 28.3% to US$245 million. "Looking ahead in the second half of 2017, we will cope with all sorts of uncertainties that would happen in the business and achieve more vigorous growth out of fierce competition," Wan Long, the chairman, and CEO of WH Group said. "In China, we will deepen the optimisation of our product portfolio, develop our sales channels and invest in marketing efforts so as to expand our business scale.
"We will launch new products to the market consistently, with an emphasis on low temperature and mid-end to premium products," Mr. Long added.
"In the US we will focus on the realization of the full value of vertical integration. We will build stronger consumer brands and increase market share in key products. We expect margins to keep enhancing through improvement in management and uplift in efficiency. As a consumer goods company, branded packaged meat products will continue to be our core business."
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