Silver Fern Farms posted a net profit of $70.7 million for the year to December 2019, up from $5.8 million the year before on the back of higher red meat exports into China. The company, jointly owned by China's Shanghai Maling Aquarius Limited and farmer-owned Silver Fern Farms Co-operative, reported revenue of $2.6 billion for the year, up from up from $2.4 billion in 2018. Silver Fern Farms Cooperative chair Richard Young described the performance as the "strongest financial result in the past decade." Chief executive Simon Limmer said the strong result was positive, given the new operating environment Covid-19 has created. "As we come through the current crisis and enter a 'new normal' Silver Fern Farms Limited board will gain more clarity around business impacts, thus determining dividend payment options."

Source: Otago Daily Times April 15, 2020 21:22 UTC