Thomas Foods International has produced a record profit as revenue soars past $2bn
South Australian meat producer Thomas Foods International has weathered the pandemic storm to produce a record profit.
Pandemic challenges have failed to dent the bottom line at meat producer Thomas Foods International, which delivered a record profit of almost $100m for the past financial year.
The company’s financial report for the year to the end of June shows that the Adelaide-based company made a profit of $98.4m. up 70 per cent, on revenue of $2.24bn.
That figure was almost $250m higher. The company paid $43.9m in dividends to its owners, the Thomas family.
The company told The Advertiser on Wednesday, that its new abattoir, being built at Murray Bridge, “is progressing as expected”.
“We’re now around the midway point in construction with the steelworks well advanced and we remain on track to have the Stage One build completed by the end of 2022,’’ the company said.
Thomas Foods is building a $300m abattoir 10km outside of Murray Bridge to replace the facility which was destroyed by a fire in early 2018.
Stage One of the project includes:
■ Beef processing and animal handling facilities
■ A beef boning room with automated packaging technology
■ Stockyards
■ Employee amenities and administration facilities
■ A wastewater treatment plant
■ Fully automated carton chilling, freezing and storage systems, and
■ Electrical, refrigeration and boiler systems to the highest energy efficiency standards.
The company said 2021 had been a challenging year, with labour shortages and restricted livestock supply providing headwinds, but “as the year progressed the strength of global demand for protein along with TFI’s integrated model in key markets were key factors driving the strong result’’.
“In addition to the above, a focus on operating efficiencies and cost control given the uncertain environment also contributed positively in the result for the year,’’ the company said.
“Our 50 per cent acquisition of Frew Foods International at the beginning of the year also had a positive impact on the Group’s performance in 2021.
“It’s allowed us to grow our global and national market reach for Australian meat and utilise modern meat processing facilities in Stawell, Victoria.’’
The company said it wasn’t immune to the supply chain problems which have faced industries globally.
“However TFI’s integrated supply chain in key markets such as the USA, China
and EU assisted significantly in commercially working through this.’’
The company employed just less than 2000 people at the end of the financial year.
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