MONTRÉAL — Sollio Cooperative Group, parent company of Canadian meat brand Olymel, posted some of the best results for the previous fiscal year that the group has seen in a decade. Contributing to that success was a “pivotal year” for Olymel, which achieved record operational performance, the group said.

“The effects of our recovery plan are accelerating,” said Pascal Houle, chief executive officer of Sollio Cooperative Group. “We’ve strengthened our financial position, boosted our operational performance and improved our profitability. We can be pleased with our progress, but we can’t let our guard down. We need to be laser-focused on financial stability as the key to sustainable, long-term growth.”

At the close of the fiscal year ended Oct. 26, 2024, Sollio Cooperative Group posted a net profit of C$270.7 million, up 135% from 2023 (C$115.4 million). Operating EBITDA jumped to C$418.4 million, compared with C$361.6 million last year.

A collective effort from the group’s three divisions — Sollio Food under the Olymel banners, Sollio Retail under the BMR Group banners, and Sollio Agriculture — led to Sollio’s strong performance.

For Olymel, the fiscal year ended Oct. 26, 2024, reaped net earnings of C$196.9 million, up 38.7% year-over-year. Driving these earnings was strong pork production, supported by lower grain prices. The fresh pork sector saw continued growth from operational optimization initiatives and the arrival of new customers and products, according to Sollio. In the Eastern fresh pork sector, however, the devaluation of the yen negatively affected Olymel’s profitability.

Meanwhile, Olymel’s poultry sector sustained “satisfactory” performance in 2024, Sollio added. In July 2024, Olymel shuttered its Saint-Jean-sur-Richelieu plant, which focused mainly on poultry production, in order to consolidate production into nearly plants.

Not yet reaching a profit, Sollio Agriculture reported a net loss of C$3.9 million, which includes a C$3.1 million loss from discontinued operations. The company noted that the results are a major improvement of the net loss of C$59 million in 2023.

“Sollio Agriculture performed very well, achieving strong results in livestock production and successfully repositioning its grain sector to increase overall operating income,” Sollio Cooperative Group said. “The crop production sector did see a decline as it returned to more normal market conditions, but the landing was softer than anticipated.”

Sollio’s third division, BMR Group, posted a net surplus of C$30.5 million, down slightly from the previous year.

“We have the courage to question our assumptions and implement new solutions while staying true to who we are,” said Richard Ferland, Sollio Cooperative Group board chair. “Our business model has allowed us to adapt and seize opportunities for over 100 years. Moving forward, we’ll continue to overcome challenges and do everything in our power to be efficient, effective and competitive as we work to strengthen our network and protect everything our members have worked so hard to build.”