News Potatoes
Record profit Agristo shows tripling
The Belgian potato processor Agristo has published its financial figures for 2023. It appears that the company recorded a record profit of €210 million in the over forty years that the family business has been active. The turnover increased by a whopping 40% to €1.27 billion.
It is clear that the recent years can be called golden times for potato processors. This is also evident from the financial figures, which are publicly disclosed with some delay. Agristo, with its main headquarters in the Flemish town of Wielsbeke, filed its financial statements for 2023 at the beginning of 2025.
Record figures
This shows a yearly turnover of €1.27 billion, which is 40% more than the €902 million in 2022. The net profit tripled to €210 million, as reported by the Belgian business newspaper De Tijd. With these figures, it is one of the largest potato processors in the country and one of the largest private companies in Belgium. Globally, it can be counted among the largest processors. It remains to be seen what competitor Clarebout will come up with. They have not yet published their results for 2023.
High profit margins on the produced fries and other potato products are the direct cause of Agristo's significant growth figures. This is why the net profit could increase from €76 to €210 million. As a result, the reserves increased to €425 million. This is necessary because the company has ambitious plans. It purchased a site in Northern France, where the first fries are expected to roll off the production line in a brand-new factory in 2027. Investments continue in the Belgian factories as well, with an additional line scheduled to start operating in 2026. It already has a factory running in India and there are advanced plans to start working with potatoes on another continent.
Doubling production
For all these investments, a total of €650 million is required, as Agristo announced at the end of last year. By 2030, it aims to double its production. This would amount to 1.4 million tons of end product, compared to the 874,000 tons produced in 2023.
Personnel changes
Co-CEO Hannelore Raes will lead the company from a different position. Until this year, she was jointly responsible with Filip Wallays for running the business. The Raes and Wallays families founded a frozen vegetable company in 1983 and shifted their focus to fries in 1987. Her new role is called Global Chief People & Finance. She will be responsible for human resources and finances. Wallays will remain the sole CEO figurehead.
Niels van der Boom
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