Chinese pig giant profits up as sales rise in US and Europe

Chinese pork processing giant WH Group Ltd said on Monday that its 2021 profit rose 7.2% to $1.043 billion thanks to increased sales in the US and Europe, Reuters reported.

The group that owns U.S.-based Smithfield Foods, the world's largest pork processor, saw revenue rise 6.7% to $27.29 billion.

Earnings before value adjustments rose after low hog prices pushed down production costs in China and higher sales in the US boosted profits.

Pig prices in China fell in 2021 after farmers rebuilt their herd after an epidemic of African swine fever, but demand declined due to outbreaks of COVID-19 .

Many analysts expect prices to be low until the end of the year.