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Scales Corporation Limited - Annual Report 2022

Group generated record revenue of $619.2 million

The Scales Corporation gas issued a press statement, saying:

Our 2022 results were extremely pleasing. They were driven by record results from Global Proteins and Logistics, with Horticulture dealing admirably with adverse market conditions throughout the year. As ever, exceptional leadership and extraordinary effort from the Scales team were instrumental in the delivery of these results.

We made significant progress in the growth of Global Proteins through the investment in Australian-based Fayman International, ANZ Exports and Meateor Australia towards the end of the year. We welcome our Australian partners to the Group and are excited to work with them going forward.

Significant progress was also made on Sustainability, with a number of environmental and marketplace initiatives undertaken. Several key people programmes were introduced, or re-established, to continue to provide support for our teams. As ever, our people are our top priority.

This was brought home to us by the cyclone event that hit the North Island in February 2023. Within a few days of the event, we were delighted to be able to report that all our team members were safe and well. However, there are many people who have experienced significant loss or disruption as a result of this event and our teams in Hawke’s Bay at Mr Apple, Meateor, Scales Logistics, Fern Ridge and Profruit have encountered significant difficulties and stress.

The Hawke’s Bay community, its people and its culture, are an integral part of Scales. Accordingly, Scales is donating $250,000 to the recovery. We are also providing tailored assistance to those staff members who have been particularly affected.

On behalf of the Board, we are delighted to present Scales’ Annual Report for the year ended 31 December 2022 with Net Profit After Tax (NPAT) of $38.2 million. This was a strong performance, driven by record Global Proteins and Logistics results.

The Group also generated record Revenue of $619.2 million and NPAT Attributable to Shareholders of $19.4 million. Our Underlying results were also strong, with Underlying NPAT Attributable to Shareholders of $27.6 million, Underlying NPAT of $46.4 million and Underlying EBITDA of $77.9 million. Our diversified agribusiness strategy continued to prove beneficial, with Global Proteins outperforming expectations with a record result, complemented by a record result for Logistics.

Click here to read the full report.


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