China-based WH Group reported a net profit of US$866 million for the 2015 fiscal year, a 17.5 percent increase when compared to the previous year.

The world’s largest pork company and parent company of U.S.-based Smithfield Foods, announced its annual results on March 29. The fiscal year coincides with the calendar year.

WH Group’s operating profit as a whole was down about 3.5 percent. Operating profit for the packaged meat business was up 27.2 percent, while operating profit for the fresh pork business increased by 1.3 percent. However, the company’s operating profit of US$54 million for the hog production business was a major drop from the US$412 million from what was achieved in 2014.

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“In 2015 we saw challenging industry and macroeconomic environments,” Wan Long, WH Group chairman and CEO, said in a press release. “However, WH Group’s competitive advantages of having a fully integrated business model and effective global management and operations, our business as a whole performed satisfactorily. In 2015, the Company produced 19.1 million hogs, processed 48.3 million hogs, sold 3.9 million metric tons of fresh pork and 3.2 million metric tons of packaged meat products. The consolidated turnover and net profit were US$21.2 billion and US$1.0 billion respectively.”

Long also spoke with confidence about the company’s prospects in 2016 and beyond.    

“The company will actively compete in the global environment, further solidifying and strengthening our leading position in the global market. We will continue to deliver value for our investors and grow together with our stakeholders, in order to create a better future for all,” he said.