The crisis at Pápai Hús Kft. deepens while competitors grow

By: Trademagazin Date: 2025. 06. 02. 11:27

Pápai Hús Kft. closed 2024 with a heavy loss, which has been generating a billion-dollar deficit for the third year in a row, the Agrársektor reported. The company’s after-tax profit last year was minus 4.14 billion forints, accumulating a total loss of nearly 11.8 billion forints in three years.

The company’s financial performance deteriorated in all indicators: its sales revenue decreased despite inflation, domestic sales fell from 25.2 billion to 24.78 billion forints, while export revenues decreased from 614 million to 611 million forints. Total sales revenue thus slipped from 25.83 billion to 25.39 billion.

Operating and financial indicators in a downward spiral

The operating result also remained negative, practically unchanged: the company reported a loss of 3.26 billion forints in 2023 and 3.22 billion forints in 2024. The retained earnings also deteriorated: from minus 13.2 billion to minus 16.67 billion forints. True, the value of the tied-up reserve increased from 3.5 billion to 7.5 billion.

The result of financial operations deteriorated dramatically: while it showed a minus of 223 million forints in 2023, the company already paid 924 million forints in debt service in 2024. Interest income essentially ceased, while the decrease in interest paid (from 445 million to 368 million) could not compensate for the deteriorating financial situation.

Personal change at the top: new CEO takes over

There has also been a change in the company’s management: Alexander Vékássy took over the CEO position from Péter Szappanos as of April 1, 2025. Vékássy is no stranger to the company, having previously worked as a controlling manager and then as a business development director at Pápai Hús.
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