News Insights

More turnover but less profit for Compaxo

July 2, 2024 - Wouter Baan

Compaxo has realized significantly more turnover last year than in 2022, as evidenced by the group result recently deposited at the Chamber of Commerce. However, the profit decreased considerably.

Due to higher meat prices, turnover increased by 24.5% to €591.6 million last year. Approximately €130 million of this is generated from the sale of meat products, the rest comes from the sale of meat parts. It can be noted that 12% stems from sales to countries outside Europe. The profit, however, shows a significant decline of just under 50% to €4.03 million. This results in a net profit margin of 0.69%.

The solvency decreased, but is still considered solid at 42%. Two years ago, this ratio was over 60%, but there are now more loans from credit institutions. This is presumably a result of increased costs in the chain. Furthermore, the annual report notes that Compaxo received a hefty fine from the NVWA in 2023 of almost €500,000.

Growth through acquisitions
Meanwhile, Compaxo is not standing still. In 2023, Maasland vleeswaren was acquired. It was also announced at the end of last year that the slaughter activities of Pali Group in Geldrop were acquired. This deal has already been finalized.

Wouter Baan

Wouter Baan is the editor-in-chief of Farmerbusiness and a market specialist in dairy, pork, and meat at DCA Market Intelligence. He also tracks developments within the agribusiness sector and conducts interviews with CEOs and policymakers.