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Saturday 21 May 2022

Bakels wins revenue in FY21…

12th April 2022 By Bridget O'Connell | | @foodtickernz

The New Zealand divisions of the global Bakels group turned in solid performances in 2021, both seeing an uptick in revenue in 2021 although one faring slightly better when it came to net profit.

Bakels’ bakery ingredients business enjoyed revenue growth of 7.9%

The global Bakels business started in Amsterdam in 1904, and now has 38 companies worldwide employing more than 2,700 people, all owned by Swiss group Emu AG.

Its operations in New Zealand included bakery ingredient supplier Bakels NZ, and the larger agribusiness and food ingredients processor, Bakels Edible Oils (BEO).

According to its latest company results, BEO saw its revenue lift around $300,000 to $176.8m in the 12 months to December 2021.

This was supported by both domestic and export activity, with its New Zealand market squeaking up from $159.81m to push through to $160.07m in 2021. Export revenue also moved very slightly from $16.69m to $16.71m.

Its product mix by revenue saw more swing, with sales from finished products falling from $2.36m in 2020 to $630k last year. Revenue from manufactured products, on the other hand, grew from $174.14m to $176.15m in 2021.

The company, which refines and processes imported fats and food oils from its two production sites in Tauranga and Timaru, saw its cost of goods fall so delivered an improved gross profit of $19.38m up from $17.77m in 2020.

It managed to deliver this increase through to the bottom line, posting a net profit of $3.18m, up from $2.83m last year.

BEO supplied oils and fats to five customer segments comprising foodservice via distributors including Bidfoods and Service Foods, quick service restaurants, infant formula, retail, and industrial, which included companies like Fonterra, Tegel, Talley’s and Cookie Time.

Its smaller sister company, Bakels NZ, which manufactured and distributed a wide range of bakery ingredients from its Auckland base, won more ground when it came to revenue but lost ground on net profit.

The firm, led by managing director Brent Kersel, sold through the B2B, foodservice and retail channels, and saw its revenue rise 7.9% from $63.25m to $68.28m over the year.

Domestic sales provided the biggest boost rising from revenue of $57.11m to $60.74m, with exports also ratcheting up from $6.14m to $7.55m.

Net profit at the business came in at $3.23m, slightly down on last year’s $3.43m.



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