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Meatco revenue declines by 15%

27/06/2018
by Rodney Pienaar
Business

Meatco Corporation of Namibia (Pty) Ltd (Meatco) suffered a 15.9% drop in its revenue for 2017/18, from N$1 687.4 million for 2016/17 to N$1 425 million.

The decline in the corporation’s revenue has been attributed to the decrease in the number of animals slaughtered throughput of cattle supply in the areas South of the Veterinary Cordon Fence (SVCF).

Its financial report recorded a drop from 91 557 to 81 984 when the last two financial years are compared.   

Privately slaughtered cattle were recorded at 5 045 representing 6.2% of total animals slaughtered at the plant. 

Meatco has also managed to reduce operation losses to N$20 million, through prudent financial and operational management.

“2017/18 was a particularly good year for producers as the prices paid by Meatco have been substantially higher than they have ever been in the corporation’s history. The average producer price of N$37.64 per kg was 10.5% higher than the previous reporting period. The number of animals procured from producers SVCF decreased with 44.3% due to high prices offered by South African buyers, as reflected in the record number of live animals exported to South Africa during the reporting year,” its financial report states. 

It further states that Meatco sourced animals from its feedlots and backwards integrated initiatives to ensure sufficient throughput at the processing plant.

Meatco is contributing on average N$5.5 billion to the country's Gross Domestic Product of which livestock farming accounts for approximately N$3.2 billion.