Germany’s Nordzucker profit rises sharply, expects tougher year ahead
Net profit jumps to 326 mln euros from 182 mln a year ago
World sugar prices expected to decline
Does not expect to be able to sustain performance
Looking for acquisitions in cane sugar sector - CEO
Adds CEO comments on possible takeovers paragraphs 7-10
HAMBURG, May 23 (Reuters) -Germany's second largest sugar refiner Nordzucker reported a 79% surge in annual profits on Thursday as high sugar prices offset rising costs, though it cautioned falling markets could pressure results in the current year.
Unlisted Nordzucker posted a 326 million euro ($353.5 million) net profit for its 2023/24 financial year to end-February, one of its best ever performances after 182 million euros profit the previous year.
Nordzucker's Australian subsidiary Mackay Sugar contributed 27 million euros to operating profits while group sales rose 29.3% to 2.9 billion euros.
"The main reason for this is a higher price level for sugar compared to the previous year, which more than compensated for the significant cost increases for raw materials and energy supply, as well as in logistics," Nordzucker said in a statement.
"However, another record year is not to be expected in view of declining prices and volatile markets," it said. "We currently do not expect results at this level to be achievable in the coming years."
"World market prices for sugar are expected to decline," it said, citing increasing production capacity in the EU and imports from Ukraine among other factors.
Five years after the takeover of Mackay Sugar, Nordzucker is again considering acquisitions in the cane sugar sector, CEO Lars Gorissen told Reuters after a press conference.
Mackay Sugar’s strong performance showed that “cane sugar is a good development field for Nordzucker,” Gorissen said.
He said a range of takeover possibilities in the cane sector were being considered, this time outside Australia.
“This involves a wide range in Africa, Asia and South America,” he said. Talks had been held last year without agreement and efforts continue, he said.
Reporting by Michael Hogan; Editing by Jan Harvey and Elaine Hardcastle
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