Kiwifruit record: Zespri achieves $5b sales milestone, 220 million trays sold
Excluding licence revenue, the company's net corporate profit was a record $79.8m, up from $20.4m in 2023-24.
Chief executive Jason Te Brake said the result reflected an industry-wide effort to deliver a record crop and strong sales in key markets.
'We've increased both volume and value in our key markets despite downward pressure in the category and surpassed a significant milestone in reaching $5b in global fruit sales, exceeding our longstanding sales goal set a decade ago.
'At a per-hectare level, returns are up and at record levels for Green, Organic Green and Sweet Green off the back of the season's improved yields following a challenging few years for growers and we've been able to return strong value at a per-tray level for all categories in a record crop year, with final average per-tray returns above our February forecast.'
Zespri said its net profit excluding licence revenue reached a record $79.8m.
The New Zealand supply segment delivered a profit of $56.4m in 2024-25, up from the $10.2m loss in 2023-24 on the back of a larger crop, strong value in-market and a focus on greater overhead efficiencies.
The non-New Zealand supply sales also performed well, hitting $652.4m.
Looking ahead, 2025-26 season sales had started well, particularly in Europe and the US.
Zespri, based in Mount Maunganui, had also made a strong start in Asia, despite generally softer market conditions, it said.
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RNZ News
26 minutes ago
- RNZ News
End of the road for Moana Pasifika and Fijian Drua
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RNZ News
2 hours ago
- RNZ News
Hurricanes shatter Moana dreams and send Blues into Super Rugby playoffs
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RNZ News
2 hours ago
- RNZ News
Money in transaction accounts costing New Zealanders billions
Experts are reminding New Zealanders to consider whether cash they have stored in the bank could be be earning them interest. Photo: 123RF New Zealanders may be leaving money on the table by keeping their cash in transaction accounts. David Cunningham, chief executive of mortgage broking firm Squirrel, said there was significantly more money in transaction accounts now than before Covid. Most banks do not pay interest on transaction accounts. Cunningham said transaction account balances had peaked at $53 billion when interest rates were close to zero, and people could see little reason to change. It had fallen to a recent low of $37b but had now lifted again to $39b. "Almost all of this earns 0 percent [interest]." If that money was shifted into an account paying 3 percent, it would give savers just under $1.2 billion in interest a year. Cunningham said before Covid hit, there was about $28 billion in transaction accounts. "You're always going to need some float in your transaction accounts but a lot of this is lazy money." He said it was customer inertia that also delivered higher profits to the banks, because they could make money from the cash sitting in the accounts. But he said banks should be encouraging customers to check that they had their money in the right accounts. "Every time you log in they could remind you that you've got say $20,000 in a transaction account earning nothing and if you moved it to savings you could earn x… that would be a way to make sure people were better off," Cunningham said. Claire Matthews, a banking expert from Massey University, said some people kept their money in transaction accounts because of the ease of access. "They may have concerns about fees to access it if it's in a savings account. Partly I think it's because they don't think the interest will be worth it - but they may not have actually looked at the numbers, because depending on the amount it may be very worthwhile over time. Partly, however, it is probably just not getting around to doing it." Banks have been cutting rates for term deposits and some savings this week, after the official cash rate reduction . Westpac said on Thursday it was cutting the rate offered on a number of term deposits by 10 basis points. ASB said it was cutting the rate offered on its Savings On Call, ASB Cash Fund, Savings Plus and Headstart accounts by 20 basis points. That took the Headstart rate to 2.7 percent. Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
