Lihua, a publicly traded poultry and hog company, reported that its third quarter revenue was 4.4 billion yuan, a yearly increase of 62% while its net profits rose to 805 million yuan, an increase of 348%.
The company said that the average prices it received for its chickens rose from 13.04 yuan per KG in May to 18.68 yuan per KG in September. The average year-to-date price was 14.97 yuan per KG, an increase of 18.6% compared to the same period last year.
Other poultry companies also saw sharp increases in profits in the third quarter.
Xiangjia reported revenue of 1.1 billion yuan, up 40% year on year while net profits rose to 92.3m yuan, up 1,926%, with year-to-date profits now at 97.2m yuan. The company expects prices to remain higher through the remainder of the year due to tight supplies.
Xiantan reported revenue of 1.5 billion yuan, up 63% year on year with net profits rising to 85.5m yuan, up 3,436%, and year to date profits at 102.4m yuan.