Sugar Production Drives Growth For Südzucker In 2016
German food manufacturer Südzucker AG has announced that it experienced ‘substantial’ increases across the board in its fiscal year 1 March 2016 to 28 February 2017.
Group consolidated revenues came in at €6.5 million (up 1.3%), and consolidated operating result was €426 million (up 43.4%). The consolidated net income totalled €312 million (up 41.9%).
While the group said that all segments contributed to the increase, it noted that sugar had driven this growth. Although the sugar segment’s revenues had declined to €2,776 million (down 0.3%), rising sugar sales revenues over the course of the fiscal year ‘more than offset the lower volumes starting the second half of the year’.
Quality And Quantity
Südzucker said that expanded cultivation and better yields led to higher sugar production levels. The total beet volume was reported at 28.6 million tonnes, compared to 23.7 million tonnes in the previous year. Total sugar production rose by 4.7 million tonnes, which is an increase of 11% from the previous year.
As of February 28 this year, 16,908 people were employed by Südzucker, which represents an increase of 2.6%. The company ranked second in a survey titled 'Deutschlands beste Arbeitgeber im Vergleich' (Germany's best employers), conducted by German news magazine Focus.
Looking forward, the group is forecasting consolidated revenues of between €6.7 and €7 billion for the current year, which would mark a 3% increase.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Aidan O’Sullivan. Click subscribe to sign up to ESM: The European Supermarket Magazine.