Declining housing starts, explosions in household debt, rising interest rates and runaway inflation have caused BMR's net surplus to fall to $34.5 million a year from $41 million in 2022, Sollio said Cooperative Group on Thursday lunchtime.
“In Quebec in particular, we have seen a significant decline in housing starts. We're talking thirty percent here. It's enormous. These are catastrophic numbers. It hurts,” BMR CEO Alexandre Lefebvre told the Journal.
“It has curbed demand,” he said.
Pork crisis
For Olymel, net surplus reached $138.3 million, compared to a colossal loss of $446.1 million in 2022, due to the good performance of the fresh pork sector, the decline in its culling and the consolidation of factories and distribution centers is.
“The pork industry is in serious crisis almost everywhere in the world,” Pascal Houle, CEO of Sollio Cooperative Group, warned of the headwinds ahead.
At Sollio Agriculture (agricultural inputs and agronomic services), we note a decrease in net surplus of $72.6 million, that is, a loss of $53.0 million in 2023 compared to a profit of $19.6 million US dollars in 2022.