A $534 Million Bill For Fruit Quality And A Dive In Grower Payments Have Soured Kiwifruit Marketer Zespri’s Financial Results For 2022-2023

A $534 million bill for fruit quality and a dive in grower payments have soured kiwifruit marketer Zespri’s financial results for 2022-2023. Severe weather and labour shortages, cost increases and supply chain challenges caused falls in global operating revenue and net after tax profit, to number of fruit trays sold, payments to New Zealand growers, and dividends compared to last season. Costs incurred for addressing sub-quality fruit issues increased from $307m last year to $534m. Total New Zealand-grown fruit and service payments, fell to $2.2 billion from $2.47b last year. Net profit after tax was $237.8m, compared to $361.5m. Global fruit sales revenue was $3.92b – 3 per cent down on the previous year’s record $4.03b. Zespri sold 183.5m trays fruit globally, compared to 201.5m. The payout for Green Kiwifruit was $5.78 down 57 cents on last year and for Sun Gold $9.97 down $1.54.