The Globe and Mail reports in its Friday, March 6, edition that chief executive officer Curtis Frank said the spinoff of Maple Leaf Foods' pork operations has sharpened the company's strategic focus for growth. A Canadian Press dispatch to The Globe reports that Mr. Frank emphasized clearer priorities for increasing revenue and profits through diverse products. Maple Leaf also plans to reduce costs and raise prices to counter higher raw meat expenses.
Maple Leaf spun off Canada Packers in October as a stand-alone business with a focus on hog production and processing. Maple Leaf Foods holds a 16-per-cent stake in Canada Packers and the two companies signed an evergreen supply agreement.
Maple Leaf on Thursday reported a fourth quarter profit of $391.2-million, up from $53.5-million a year earlier, boosted by the Canada Packers spinoff. Its profit amounted to $3.06 per diluted share for the quarter ended Dec. 31, up from 43 cents per diluted share a year earlier.
On an adjusted basis, Maple Leaf said it earned 32 cents a share in its latest quarter, up from 18 cents a share in the final quarter of 2024.
Mr. Frank said consumer demand for protein has remained stable despite affordability concerns and high food inflation.
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