牧食记AgriPost.CN English News Wens suffered a massive loss of CNY 13 billion ($2.01 billion) last year and plan to put idle funds into entrusted financial management

Wens suffered a massive loss of CNY 13 billion ($2.01 billion) last year and plan to put idle funds into entrusted financial management

Wens will put no more than CNY 7 billion ($1.08 billion) of its funds into entrusted financial management.

On April 15, Wens released its 2021 annual report. It stated the company achieved an operating income of CNY 64.95 billion ($10.03 billion) during the period, down 13.31% YOY; The loss for the period was CNY 13.40 billion ($2.07 billion), turning from profit to loss YOY.

The main business of Wens is the farming and sales of broiler and meat pigs, accounting for 46.69% and 45.41% of the operating revenue, respectively.

According to the National Bureau of Statistics, 671.28 million live hogs were marketed in 2021, up 27.4% YOY, and pork production was 52.96 million tons, up 28.8% YOY.

The Covid-19 epidemic reduced aggregated consumption in hotels, canteens, and tourism last year; pig prices fell sharply, hitting their first low in June and then a new low in October.

Pig prices fell nearly 70% YOY at the lowest point during the reporting period.

The 2021 annual report shows that the average selling price of gross pigs of Wens is CNY 17.39($2.69)/kg, down 48.18% YOY, with a significant price drop.

At the same time, due to the continuous increase in feed ingredients price, the company purchased some piglets for fattening and continued to promote the optimization of breeding pigs, etc. The company’s meat pig farming business profit dropped significantly YOY, suffering a profound loss.

On April 16, Wens announced that the board of directors agreed to put no more than CNY 7 billion ($1.08 billion) of its funds into entrusted financial management in 2022. The company can obtain certain benefits by investing idle funds in low-risk bank wealth management products.

Wens added that under the premise of ensuring the normal development of the leading business, investing idle funds in low-risk bank wealth management products would not affect the company’s capital turnover and the normal growth of the company’s main business.

牧食记AgriPost.CN 专注中国农牧食品产业原创报道与决策参考;本站原创内容,未经书面许可,谢绝转载,违者追究法律责任。授权联络 editor@agripost.cn
https://www.agripost.cn/2022/04/18/wens-suffered-a-massive-loss-of-cny-13-billion-2-01-billion-last-year-and-plan-to-put-idle-funds-into-entrusted-financial-management/

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