COFCO Meat Holdings, the Hong Kong-listed pork processor, has said it expects to report a jump in annual profits in March.
The group, which Chinese state-backed conglomerate COFCO floated in November, is on course to report profit attributable to owners of the company before biological fair value adjustments of “no less than CNY850m (US$123.9m)”, up over 400%, the business announced to the Hong Kong Stock Exchange.
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COFCO Meat said it expected the figure after the biological fair value adjustments would be “no less than” the result before the adjustments.
The business, in which Brazil-based meat giant BRF is an investor, said its hog production had benefited from a rise in hog prices amid a fall in the stock of sows in China.
COFCO Meat also said its “major products” – which it says include fresh pork and processed meat products – grew year-on-year.
The company also pointed to moves to make its hog production more efficient and “optimise the sales channels mix” of its fresh pork, processed meat products and international trading businesses.
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By GlobalDataThe business expects to report its annual results in late March.
COFCO Meat saw its shares tumble on their first day of trading on 1 November, closing down at HKD1.66 from its IPO price of HKD2 a share. On the day of its trading update (16 January), COFCO Meat’s shares closed at HKD1.47. The company’s shares closed today at HKD1.54.
