Sollio Cooperative Group, the parent company of Olymel, has reported a significant financial turnaround for the fiscal year 2024, showing strong growth after challenges in previous years. The cooperative posted a net surplus of $270.7 million, a 135% increase from the prior year, with operating EBITDA rising to $418.4 million.
Olymel played a key role in this financial recovery, posting net earnings of $196.9 million—an improvement of nearly 39% compared to the previous year. The turnaround was driven by operational efficiencies, a focus on value-added products, and lower grain prices, which helped reduce feed costs.
In the pork sector, Olymel benefited from improved market conditions, particularly in domestic and Asian markets, where demand for chilled pork products increased. The company’s focus on optimizing production and strengthening market positioning contributed to its profitability. However, external factors, such as currency fluctuations, created challenges in international trade.
The poultry sector also showed improvements, with higher fresh poultry volumes than the previous year. However, market conditions remained competitive, leading to price pressure. The turkey division continued to struggle due to a global surplus and declining consumption, resulting in lower sales and financial losses in that category.
Sollio CEO Pascal Houle acknowledged the success of the company’s recovery plan, stating that the improvements in financial performance, operational efficiency, and profitability have positioned Olymel and its parent company for sustainable growth. However, he emphasized the need to maintain financial discipline to ensure long-term stability.
Looking ahead, Sollio Cooperative Group plans to continue implementing strategic measures to strengthen margins, enhance EBITDA, and reinforce financial stability. These efforts aim to secure continued growth and ensure a solid foundation for the cooperative’s future.
