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.
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