increase font size
Silver Fern Farms has reported a significant loss for the past year.
Meat processor and exporter Silver Fern Farms Ltd has joined fellow South Island-based meat company Alliance Group in reporting a big loss for the past year.
SFF released its full-year results to Dec 31, 2023, last week, reporting a $24.4 million loss – with revenue down nearly $500m to $2.78 billion.
It compares to 2022’s net profit of $189.3m with revenue of $3.27b. Meanwhile, Silver Fern Farms Co-operative, which jointly owns Silver Fern Farms Ltd with Chineseowned Shanghai Maling Aquarius, also posted a loss of $10.7m over the 12-month period.
Neither the main company nor the co-op will pay a dividend for the year. Silver Fern Farms is NZ’s largest meat processor, killing sheep, beef and venison at 14 plants nationwide.
It blames the loss mainly on red meat prices, particularly lamb – which has been under significant pressure – due to a weak market in China and Australian product flooding markets.
SFF chair Rob Hewett said “depressed” consumer confidence across its key markets had pressured its customers, the operating company, and “ultimately, returns for our farmer suppliers.”
Hewett added that while it was disappointing not to be in a position to pay dividend this year, he is confident in the company’s ability to recover when market conditions become more favourable.
Alliance Group reported a loss of just over $70m in its financial year to Sept 30, 2023.
As dairy farmers lock in plans for the upcoming mating season, a partnership between Fonterra and Silver Fern Farms has been formed with the aim of making it simpler to create additional value from calves not entering the replacement herd.
Applications for Silver Fern Farms Co-operative's next board-appointed farmer director are open.
Silver Fern Farms has tackled the ongoing war-induced shipping challenges to mideast markets by airlifting 90 tonnes of chilled New Zealand lamb and beef to the United Arab Emirates.
Irish meat processor Dawn Meats has acquired Alexander Eyckeler GmbH, a long-standing German customer and partner of Alliance Group, for an undisclosed sum.
Silver Fern Farms has successfully produced and delivered 90 tonnes of premium chilled New Zealand lamb and beef to the United Arab Emirates via airfreight.
Improving health and safety is about incremental gain rather than a sudden decision, says Leeston farmer and Federated Farmers health and safety spokesman David Birkett.
OPINION: Alistair Carmichael raises some interesting questions about striking a balance between profitability in farming and preserving the character of rural communities.
Ploughing champions Mark Dillon and Malcolm Taylor earned the right to represent the country at the World Ploughing Championships in Osijek, Croatia, on 5 and 6 September, after winning their titles at the New Zealand Ploughing Championships in Middlemarch in 2025.
The man appointed to lead Gallagher's global Animal Management business through the next stage of growth believes the wearables boom is here.
Horowhenua organic dairy farmers Ange and Wayne Moxham have taken their business to a new level.
Federated Farmers' new vice president Sandra Faulkner says the issue of adverse events emergency management and infrastructure needs to be taken out of the three-year political cycle.
A fair question has been raised about how member-funded organisations should conduct themselves when taking a public position on any…
OPINION: It really is getting harder to lampoon government bureaucrats when they do such a good job of it themselves.…
