证券日报网讯1月12日，益客食品（301116）在互动平台回答投资者提问时表示，公司一直践行"一只鸭 (鸡)价值最大化"理念，依托禽肉制品加工领域全产业链优势，在禽肉深加工、宠物食品原料等业务环 节持续补链强链，去年公司建成调理品、宠物食品原料车间各1个，现在建宠物食品原料车间1个，未来 随着建成产能的释放及在建项目的落地，公司禽肉深加工业务规模将进一步扩大。 ...

Financial Data and Key Metrics Changes - The company reported a strong first half performance with underlying EBITDA of NZD 86.7 million, up 43% year-over-year [3] - Underlying NPAT increased by 48% to NZD 56.9 million, while NPAT attributable to shareholders rose by 72% to NZD 48.9 million [3][4] - Net debt decreased by NZD 14.4 million to NZD 67.5 million as of June 30, 2025, reflecting income from earnings and proceeds from the sale of orchards [7][8] Performance by Business Lines - The Global Proteins division maintained steady performance with underlying EBITDA of NZD 29.7 million, consistent with the previous year [6] - The Horticulture division achieved exceptional results with underlying EBITDA of NZD 53.2 million, up 77% due to increased apple volumes and favorable pricing [7][11] - Logistics reported underlying EBITDA of NZD 6.1 million, a 60% increase attributed to higher freight volumes [12] Market Data and Key Metrics Changes - The horticulture division's total own growing export volumes are forecasted to be 3.7 million TCEs, a projected increase of around 21% compared to 2024 [11] - The Asia and Middle East markets are expected to account for approximately 85% of total fruit sold, with strong demand anticipated due to supply shortages [11] Company Strategy and Industry Competition - The company is focused on strategic growth initiatives, particularly in horticulture and logistics, leveraging investments in premium apple varieties targeted at key markets [5][16] - The logistics division is actively seeking opportunities to expand its freight forwarding model, enhancing connections with global operations [25] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the global proteins division due to geopolitical uncertainties and tariff impacts, but remains confident in medium-term growth initiatives [15][22] - The company anticipates continued diversification of earnings and growth in global protein and logistics sectors [16] Other Important Information - The company is developing new sustainability targets following the successful delivery of 2024 milestones, focusing on emissions reduction and employee support policies [13][14] Q&A Session Summary Question: Can you discuss the performance of global proteins projects? - Management noted strong performance from the new plant in Melbourne and the second toll processing plant in North America, with ongoing projects expected to contribute positively by the end of the year [20][21] Question: What factors are included in the updated guidance range? - The guidance reflects caution around macroeconomic conditions and tariff uncertainties, with a steady demand for pet food expected to return to historical growth rates [22][23] Question: What does the growth outlook for logistics look like? - The company is optimistic about the logistics sector, actively seeking to ramp up operations and connect with global supply chains [25] Question: Can you provide specifics on horticulture's EBITDA and impact for the year? - The company expects a flat second half for horticulture, with more fixed and variable costs compared to the previous year [30] Question: What are the drivers of global proteins growth in FY 2028 and beyond? - Management indicated that both organic growth and potential acquisitions will drive future growth, with opportunities in fish and poultry markets being explored [46][48]

Financial Data and Key Metrics Changes - STADOT AgriFoods revenue was $132.2 million in Q1 2025, an increase of $25.7 million or 24.1% compared to Q1 2024 [6] - Net income attributable to Sadat Group improved to $900,000 in Q1 2025 from a net loss of $300,000 in Q1 2024, marking an improvement of $1.2 million [7] - EBITDA rose to $2.5 million compared to $100,000 in the prior period [7] - Basic and diluted earnings per share were $0.018 compared to a loss of $0.06 per share in the prior year [7] - SG&A expenses increased to $3.1 million, up over $1.7 million compared to last year [7][8] - Cash balance was $1.9 million with a working capital surplus of $21.9 million [8] Business Line Data and Key Metrics Changes - The company completed 76 transactions in Q1 across 17 different countries, indicating a broad operational reach [6] - The increase in SG&A expenses was primarily due to reclassifying some costs from cost of goods sold to SG&A, reflecting a more accurate cost structure [8] Market Data and Key Metrics Changes - Sadat Group's revenue is largely generated outside the United States, with minimal impact from U.S. tariffs [16] - The company has conducted agri commodity trades with 33 countries, indicating a diverse market presence [16] Company Strategy and Development Direction - The company aims to reinvest cash into the Agri Food commodity trading business to drive revenue growth and acquire strategic assets [8] - The new CEO plans to improve the balance sheet and income statements within a controlled growth plan, focusing on operational efficiencies and cost-cutting [12][13] Management's Comments on Operating Environment and Future Outlook - Management believes that tariffs will not have a significant material impact on Sadat's business due to its global trading model [16][18] - The company is studying shifts in trade flows, particularly from the U.S. to other markets like Brazil, to capitalize on new opportunities [19] - There is a focus on improving gross margins through higher-margin products like containerized specialty crops [20] Other Important Information - The restaurant division reported a positive net income of $107,000 in Q1, with ongoing expansion plans [24] - The sale of the restaurant chain is progressing, with multiple interested parties and new locations opening [23][24] Q&A Session Summary Question: Can you comment with an update on the general tariff environment and how it affects Sadat's business? - Management stated that tariffs will not significantly impact Sadat due to its global operations and revenue generation outside the U.S. [16] Question: How have the tariffs between the U.S. and China impacted the business directly? - The company has a flexible trading model and is studying shifts in demand, particularly from China to other markets [19] Question: The company's gross margins have been less than 1%. How are you going to improve those margins? - The focus is on higher-margin products like pulses and specialty crops, along with a management services agreement for a pet food ingredients processing business [20][21] Question: Please provide an update on the sale of the restaurant process. - The sale is taking longer than expected, but there are multiple interested parties, and the restaurant division continues to expand [23][24]