A series of acquisitions has helped propel New Zealand fresh produce giant T&G Global to a net profit of NZ$19.5m over 2015, the National Business Review has reported.
The performance marks an 83 per cent increase on the company’s 2014 net profit of NZ$10.6m, while revenue increased 12 per cent to NZ$812.8m.
T&G, whose controlling share is owned by German agricultural heavyweight BayWa, has acquired fellow New Zealand companies Apollo Apples and Great Lake Tomatoes over the last 24 months, and also entered a partnership with Unifrutti Chile focused on table grape production in the South American nation.
“Together, these new additions contributed NZ$63.4m of revenue to the group with the majority of the remaining increase attributable to higher volumes and prices in the pipfruit business, an expansion of markets in the trading of table grapes, improved revenue and commission income domestically from other operations, further growth in imports into Australia, and diversified produce exports from New Zealand to Australia,' the company said according to the National Business Review.
