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The state-owned food giant showed its cards. How much money does sugar make?

Państwowy gigant spożywczy pokazał karty. Ile zarabia się na cukrze?
  • Krajowa Grupa Spożywcza, one of the largest food producers in Poland, announced its financial results for the financial year from October 1, 2022 to September 30, 2023.
  • In the audited financial year, the total revenues of KGS SA amounted to:
    4.605. 796 thousand PLN, of which revenues from the sale of products and services totaled PLN 4,232,554 thousand. PLN, while revenues from the sale of goods and materials PLN 373,242 thousand. PLN, which constituted 92% and 8% of total sales revenues, respectively.
  • The realized gross profit on sales in 2022/2023 amounted to PLN 1,307 million.
  • The net profit obtained for the analyzed year 2022/2023 of PLN 430.7 million was lower than expected in the plan by PLN 32.7 million.
  • At the end of the financial year, the company employed 2,039 permanent employees.

KGS revenue structure KGS revenue structure

Financial result of KGS Financial result of KGS

Structure of property, plant and equipment of KGS Structure of property, plant and equipment of KGS

The leading strategic goals of the KGS SA Capital Group are to increase the Group's influence on food security and to increase the Group's value. Krajowa Grupa Spożywcza SA has defined goals, understood as strategic aspirations divided into individual segments of the Group, including for:
– Sugar segment: strengthening the position on the sugar market in Poland and Europe, extending the value chain by using by-products (molasses, pulp) to produce other products;
– Seed and agricultural segment: unification of breeding potential within the Capital Group, optimization of additional activities conducted by the segment companies (especially horses), development and modernization of milk production, increasing the area of arable land (through lease or purchase);
– Starch segment: stabilization of the raw material base in the field of starchy potatoes, expanding production to include other types of starch (in particular pea and corn starch), expanding production to include starch processing products (in particular potato flakes);
– Grain and milling segment: development of grain exports, in particular by sea, development of milling capabilities, including expansion of the production portfolio, among others o corn milling products;
– Food segment: economic and financial stabilization of entities present in the segment, development of fruit and vegetable processing through acquisitions, cooperation with farmers by establishing an entity dealing in fruit trade to the industry.

Sugar production and trade remain KGS's priority in the coming years

Despite the diversification of operations by entering other sectors of agri-food processing, the sugar production segment is dominant in the KGS SA Capital Group. For this reason, sugar production and trade remain the company's priority in the coming years. In order to maintain the current market position and achieve lasting profitability of the Capital Group, KGS SA will primarily compete on costs in sugar production, using the economies of scale and organizational activities that reduce overall costs. All activities carried out on the shelf will be aimed at reducing production costs in the sugar segment and optimizing operating costs in supporting processes, as well as at improving the functioning of procedures and processes.

The company's profit and loss account provided for in the "Profit and financial plan of Krajowa Grupa Spożywcza SA for the financial year 2023/2024" adopted by the Management Board by Resolution No. 7308/IX/2023 of September 14, 2023 and positively reviewed by the Company's Supervisory Board by Resolution No. 68/ X/2023 (2340) of September 21, 2023 closes with a net profit of PLN 200.5 million.

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