AUS
NZ
UK
CA
USA
IND
Highlights
- Inghams Group is an ASX-listed company which produces and sells chicken and turkey products
- In 1HFY23, the company witnessed 8.7% YoY increase in revenue to AUD 1,642.2 million and net profit after tax increased by 268.6% YoY to AUD 63.4 million
- In second half of FY24, ING expects its performance to be lower due to seasonal factors, but in FY25, its performance is anticipated to improve
Inghams Group Limited (ASX:ING) is an integrated poultry producer with focus on production and sales of turkey and chicken products. The Australia based company recorded 12.2% YoY rise in its revenue to AUD 3,044 million and 17.9% YoY rise in its EBITDA to AUD 440.30 million in the financial year 2023 (FY23). The period saw a 72.1% rise in net income to AUD 60.40 million and 2.4% decrease in net debt to AUD 1,631 million.
The company is focused on network analysis automation and for the same, it has acquired four-leg deboing machines. The machines have resulted in cost efficiency, improved productivity and product quality. This technology has also improved safety and well-being of employee by decreasing labour-intensive tasks.
Financial performance in latest half
In the first half of FY24 (1HFY24), the company posted an 8.7% YoY increase in its revenue to AUD 1,642.2 million, supported by the realization of the impacts of the NSP hikes that were initiated in FY23 and in the beginning of FY24. Meanwhile, in 1HFY24, EBITDA jumped 28.8% YoY to AUD 253.7 million and net profit grew by 268.6% YoY to AUD 63.4 million.
Outlook
The company focuses on continuous improvement, cost efficiency and operational efficiency. In 2HFY24, the company expects to see a fall in financial performance due to seasonal factors, increased costs and inflationary pressure.
In FY25, its performance is expected to improve because of the combined effect of minor decline in the general rate of inflation and tax cuts for households.
Share performance of ING
ING shares closed 0.28 % higher at AUD 3.60 apiece on 10 April 2024. With this, ING’s share price has surged by 23.29% in the last one year, while in the last three months, it has dropped by 8.86%.
The 52-week high of ING is AUD 4.51, recorded on 6 February 2024, and the 52-week low is AUD 2.58, recorded on 3 July 2023.
ING Daily Technical Chart, Source: EODHD/Others
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 10 April 2024. The reference data in this report has been partly sourced from EODHD/Others.
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