HONG KONG - The WH Group, China based pork processing giant that includes Smithfield Foods in the US has seen income rise in both its Chinese and US operations during the first half of the year.
The group that is listed on the Hong Kong stock exchange has a 73.26 per cent interest in Henan Shuanghui Investment & Development Co., Ltd. and saw the Chinese pork processor achieve an operating income of RMB21.0 billion, up 3.6 per cent on the corresponding period last year.
Net profit during the period reached approximately RMB2.2 billion, up 30 per cent year-on-year.
Its wholly owned subsidiary Smithfield Foods reported strong results for the six months ended 29 June with sales for the period $7.2 billion, up 8.6 per cent.
Net income soared by 390.5 per cent to approximately $248.2 million.
In particular, net income for the quarter rocketed 341 per cent to a record-high of $142.9 million, marking the second consecutive quarter in 2014 for Smithfield to report record net income.
Mr. Wan Long, Chairman and Chief Executive Officer of WH Group, said: “I am delighted to see that both Shuanghui Development and Smithfield, the largest pork companies in China and US, delivered encouraging results for the first half of 2014.
“The strong performance of both companies demonstrates the sound fundamentals and the robust, sustainable demand for our pork products around the world, driving the growth for both companies.
“Moreover, the synergy between Shuanghui Development and Smithfield is growing day-by-day with evident results. Smithfield-branded premium chilled fresh pork sold at Smithfield kiosks in China has been well received by Chinese consumers, and we are expecting even closer and more extensive collaboration between the two companies to generate even better results soon.
“WH Group will continue to create value through its global supply chain platform and the synergistic initiatives between Shuanghui Development and Smithfield, to provide safe and quality products to consumers, and to deliver solid growth and returns to our shareholders.”
TheMeatSite News Desk