CANADA: Sales, EBITDA up at dairy co-op Agropur
Canadian dairy co-op Agropur has reported higher annual sales and EBITDA, insisting it was able to grow in a market where competition, it said, has been "at a rarely seen level".
Excluding an extra week in its previous financial year, Agropur posted a 10.1% increase in EBITDA to C$264.4m (US$240.4m) for the 12 months to 2 November. Revenues were up 7% at C$3.8bn.
Agropur did not disclose a net profit figure. However, it said "patronage dividends" were worth C$110.5m in 2013 and members' equity passed C$1bn for the first time. In its last financial year, Agropur declared C$101.6m in patronage dividends.
"We are pleased with our 2013 results," CEO Robert Coallier said. "Competition in Canada remains at a rarely seen level but Agropur was able to grow and maintain solid financial health thanks to tight management and strategic initiatives undertaken throughout the year that support our co-operative's development and longevity."
Agropur has made a series of acquisitions in recent months, most recently the purchase of Quebec brie and camembert maker Fromagerie Damafro.
Agropur Cooperative Ltd is looking to increase its share and expand its business in Canada by buying other dairy companies or signing acquisition or merger deals....
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