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SFF declares $7.9m dividend

SILVER Fern Farms has declared a dividend and patronage reward for shareholders totalling $7.9 million following a reported net profit after tax of $70.7m.

SFF co-chair Rob Hewett said the operating company was in a strong position.

“While the world is still dealing with the Covid-19 pandemic, and there remain risks of disruptions to the supply chain, over the past quarter we have managed to export our food to customers who are willing to pay for safe, trusted and sustainably produced food from New Zealand,” Mr Hewett said.

“We were also able to fully repay the Government's wage subsidy at the end of May, retain our 7000 staff and provide solid farm-gate returns across most stock classes — a result we did not foresee at the start of the Covid disruption.”

Mr Hewitt said the strong performance alleviated the cash-flow risks to the business through the peak operational season.

Co-operative chairman Richard Young said the co-operative was pleased with the performance of Silver Fern Farms.

“We are pleased that Silver Fern Farms has been able to keep people safe while operating as an essential service to farmers and their communities, and to adeptly navigate through a rapidly changing global trading environment.”

Profits nudge: The strong performance of Silver Fern Farms Limited alleviated the cash-flow risks to the business through the peak operational season. File picture