German sugar firm Suedzucker AG (SUEZF.PK) reported that operating profit for fiscal 2012/13 jumped 30 percent to 974 million euros from the previous year's 751 million euros.
Consolidated operating profit rose sharply in the first half of the fiscal year, driven especially by the unusually strong growth in the sugar segment, and was unchanged from last year during the second half of the year.
The company said the special products segment was unable to build on last year's results. Operating profit declined in the second half of the fiscal year. The CropEnergies and fruit segments contributed to the substantial operating profit growth.
Annual consolidated revenue rose 13 percent to 7.9 billion euros from previous year's 7.0 billion euros.
The company said that the executive and supervisory boards will recommend payment of a dividend of 0.90 euros per share, compared to previous year dividend of 0.70 euros per share, at the annual general meeting on August 1, 2013. The recommended increase reflects the group's operating profit, which was again sharply higher. The total dividend distribution will be 183.8 million euros, compared to prior year 132.1 million euros.
The company said it is planning to build a wheat starch facility at the Zeitz site. It will accompany the site's existing sugar factory and ethanol plant. The operation is expected to eventually produce up to 140,000 tonnes of wheat starch products for the food and chemical industries when all phases are complete. It is also designed to make gluten and wheat bran for the food and animal feed markets. About 80 direct jobs will be added at the new facility in Zeitz. About 24 additional jobs will be created for supplementary maintenance and other services for the Südzucker Group. The plant is expected to be completed in the first half of 2015 and will cost about 125 million euros.
CropEnergies also plans to build a facility at the Zeitz site. The new plant will produce high-end food-grade rectified spirit. The plant, which will have the capacity to produce 60,000 cubic meters of rectified spirit annually, is scheduled for startup in 2015 and is expected to cost about 27 million euros.
The operating profit for the current 2013/14 fiscal year is expected to decline significantly, to about 825 million euros. Consolidated group revenues should rise slightly. Südzucker said it will thus continue to deliver excellent results and will earn a high return on the capital invested in the company.
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