Astral’s latest results were excellent, with headline earnings per share rising 138% on revenues driven by higher selling prices and broiler sales volumes . Astral is one of the largest poultry production companies in SA.
Most concerning, however, is that the master plan isn’t working for consumers, who continue to see monthly price increases. The price of chicken increased by 17% between January 2021 and January 2022, so one must ask: are Astral’s shareholders smiling at the expense of weary, financially stricken consumers?
Today, chicken imports — excluding mechanically deboned meat, which SA doesn’t produce but which is critical for producing processed meat products — are down to 9.4% , but even at this low level imports play a critical role in providing the competition required to keep prices in check for consumers. According to trade economist Donald MacKay of XA International Trade Advisors, when tariffs are applied to chicken products, what naturally follows is that local producers increase their pricing to meet the raised import price. Local producers know that if they control the implementation of the master plan, raising tariffs and driving down imports, they can raise their own prices and deliver greater shareholder value. However, that isn’t good for the country, consumers and small-scale farmers.
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