Annual net earnings were down by 26.4 per cent
Maple Leaf Foods Inc. ended its fiscal year with a strong fourth quarter.
Sales were up by 13.7 per cent to more than $1 billion for the quarter and net earnings were up by 46 per cent to $17.5 million.
But for the year, net earnings were down by 26.4 per cent to $74.6 million, although sales were up by 17.87 per cent to close to $4 billion.
The company announced its will increase its dividends by about 10 per cent at the end of the first quarter this year.
During last year’s fourth quarter, it made capital investments of about $270 million, most of It for a new poultry plant at London.
The company’s plant-based protein group had a sales increase of 31.5 per cent while meat protein sales increased by 13.3 per cent.
President and chief executive officer Michael McCain said it has been a rough ride recently because of international trade disruptions and African Swine Fever.
He also boasted that Maple Leaf has become the first food company in the world to achieve carbon neutral status.