Chinese pork giant's profits up on higher US, European sales
2021 profits rose 7%
28 March 2022
1 minute read
By: Chinese pork processing giant WH Group Ltd said on Monday that 2021 profits rose 7.2% to $1.043 billion on higher sales in the United States and Europe, reported Reuters.
Revenue at the group, which owns US-based Smithfield Foods, the world's largest pork processor, grew 6.7% to $27.29 billion.
Profit before biological fair value adjustments rose after low hog prices reduced products costs in China while higher sales in the US pushed up profits.
Hog prices in China plunged during 2021 after farmers rebuilt the herd after an epidemic of African swine fever but demand softened because of COVID-19 outbreaks.
Many analysts expect prices to be low for the rest of the year.
