Canada’s Maple Leaf Foods sees US$4.9B in 2024 revenue
Maple Leaf Foods is releasing its annual performance report and preparing for pork business spinoff
CANADA – Maple Leaf Foods Inc. has published its 2024 Integrated Report, summarizing the company’s financial results, key developments, and future expectations.
The company reported total revenue of approximately US$4.9 billion for the fiscal year, supported by its workforce of around 13,500 employees working across 23 production sites.
Maple Leaf’s president and CEO Curtis Frank said the company made solid financial and strategic progress throughout the year, with results attributed to brand performance, capital investments, and business strategy execution.
Among the major changes announced was the decision to separate its pork division into a new publicly traded entity named Canada Packers, a move expected to be finalized in the second half of 2025.
Looking ahead, Maple Leaf anticipates a mid-single-digit increase in sales revenue and projects its adjusted EBITDA will reach or exceed US$462 million (C$634 million) in 2025.
This outlook is linked to outcomes from capital projects such as the London Poultry facility, the Bacon Centre of Excellence, and expansion at the Walker Road poultry plant in Brampton, Ontario.
Additional factors expected to drive performance include a rebound in pork profitability, evolving consumer trends, and the company’s Fuel for Growth initiative.
Sustainability and environmental efforts
The company said it updated its long-term strategy in 2024 to support its environmental goals, including reducing greenhouse gas emissions and promoting sustainable farming practices.
By year-end, Maple Leaf reported a 5.1% drop in absolute Scope 1 and 2 emissions and a 15.6% decline in Scope 3 emissions intensity, compared to 2018 levels.
It also expanded regenerative agriculture programs, working with Nutrien to scale up participation from 19,000 to over 250,000 acres.
As part of water conservation efforts, the company supported the Lake Winnipeg Basin Project by dedicating 30,000 acres across four farms to water stewardship.
Landfill diversion efforts reached 94.1% across all operations, with three sites achieving complete landfill diversion.
Animal care and workplace commitments
Maple Leaf continues to consult its Animal Care Advisory Council and reported that all its sow housing now meets national welfare standards, with enrichment practices in place for pigs and broiler chickens.
The company has converted nearly all chicken processing plants—99.9%—to use controlled atmosphere stunning technology.
In terms of workplace safety, the company recorded a Total Recordable Incident Rate of 0.37 in 2024, a 94% reduction from 2012.
On diversity, Maple Leaf aims to raise the proportion of women in non-manufacturing management to 50% by 2030, with 44% already achieved by the end of 2024.
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