A diversified agribusiness in New Zealand, Scales, has released its full-year results for 2024, revealing a 39% rise in underlying net profit after tax (NPAT) to $53.6 million. The earnings before interest, tax, depreciation, and amortization reached $91.7 million, marking a 36% increase from 2023.
The company's acquisition of orchards from Bostock Group and the divestment of its Blyth and Te Papa orchards to Craigmore Sustainables align with its strategy to concentrate on selling premium apple varieties in Asia and the Middle East. "We experienced excellent growth in the volumes of DazzleTM during the 2024 season and the Bostock orchards will substantially accelerate our strategy of increasing DazzleTM volumes," says Borland.
Scales Corporation managing director Andy Borland
Scales is integrating Profruit into its group as a wholly-owned subsidiary after acquiring the 50% stake previously held by Bostock Group. Borland mentions the horticulture division is stabilizing, with better apple volumes and average prices. "The division also benefitted from the increased ownership of Profruit, which produced an exceptional FY2024 result," he adds.
The Mr Apple brand saw its export volume grow by 11% compared to 2023, with ongoing expansion in Asia and the Middle East. "Premium volumes accounted for approximately 72% of total export sale volumes, with increases across all premium varieties including significant growth in DazzleTM, PosyTM, and NZ Queen. We now estimate that Premium apple varieties will account for around 75% of export volumes by 2027."
Source: Rural News