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The meat processing companies of Estonia earned an aggregate profit of 8.86 million euros in 2012, almost four times more than in 2011.
Estonian meatpackers quadruple profit in 2012
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Revenues of meat processing companies grew by more than 30 million euros year on year to 260.5 million euros, the Ministry of Agriculture said on Friday.
The meat sector accounted for 21.1 percent of the total food output by Estonian companies in 2012.
Exports by the sector grew almost 10 percent to 87.2 million euros, making up 7.8 percent of the total exports of agricultural products and agricultural produce.
Given that volumes of foreign trade decreased a bit, the increase in the monetary value of exports was a result of higher export prices, the ministry said.
"In order for the meat industry to develop further we need to invest and and keep giving additional value-added to our meat output," Illar Lemetti, deputy secretary general of the Ministry of Agriculture for agricultural policy and rural affairs said. He said that investments in the past five years, measured as an average, have gone predominantly into the acquisition of equipment, machinery and fittings.
Meat processing companies invested 12.9 million euros during 2012, 3.6 million euros or 38.5 percent more than in the year before.
The biggest investments in 2012 were made in the acquisition, construction and reconstruction of buildings, while investments in machinery and equipment continued.