Fiscal year 2024 was the most successful year for Inghams since the company went public in 2016.
The company announced earnings before interest, taxes, depreciation and amortization (EBITDA) of AU$471.1 million (US$319.42 million), a 12.6% increase over the previous year, and an underlying EBITDA of AU$240.1 million, a 30.8% improvement.
“In FY 24, Inghams has delivered its highest earnings on an underlying pre-AASB (Australian Accounting Standards Board) basis since listing in 2016,” said Inghams CEO and Managing Director Andrew Reeves.
“Our strong results are underpinned by volume growth, improved margins and good cost control and operational outcomes across both farming and processing. The key long-term fundamentals supporting the poultry sector remain in place, with poultry continuing to be the affordable protein of choice for consumers.”
Volume growth
Core poultry volume increased 2.8% in FY 2024. In Australia, core poultry volume increased 1.9%, while in New Zealand, poultry volume grew by 8.4%.
During the past year, the company experienced a shift in channel mix with increased emphasis on the retail channels in both Australia and New Zealand, and a strong recovery in operational performance in New Zealand.
Network growth in FY 2024
The higher earnings in FY 2024 came during the time that Ingham’s was substantially investing in growth.
Key network-related additions include:
- The acquisition of Bromley Park Hatcheries in New Zealand
- The acquisition of the Bolivar primary processing facility in South Australia.
- The new distribution center in Hazelmere, Australia, became operational.
- The acquisition of the Bostock Brothers organic chicken business in New Zealand.
- The addition of four new leg deboning machines at company facilities.
Ingham’s is the largest poultry producer in Oceania and the 45th largest in the world. In 2023, the company slaughtered 230 million broilers. The company is also involved in turkey production.
