Húsipari vállalatok jövedelmezőségének vizsgálata a polikrízis tükrében

The beginning of the 2020 decade is characterized by a phenomenon that can be described as a polycrisis, which took shape in the simultaneous presence of the previously widespread swine fever and bird flu, trade restrictions and border closures introduced due to Covid-19, increasingly extreme weather anomalies, droughts, and the increase in feed and energy prices caused by the war in Ukraine. The impact of the polycrisis was concentrated mostly on the Hungarian meat processing, preservation, and meat product manufacturing subsector, which is based on agriculture. The aim of the study is to separately examine the effects of factors on the profitability of three companies operating in this subsector: Tranzit-Food Kft., Kaiser Food Kft., and Sága Foods Zrt. during and before the polycrisis period. During the research, we examined whether the raw material shortages caused by avian influenza and swine fever had a greater impact on the subsector than Covid, and whether the latter and the increase in material costs had a different impact on the results of companies with different sales structures. There were significant differences between the performance of the three companies depending on the 2020 election year. The delayed restrictions affected the profitability of equity to a different extent in the case of exporters. While they were able to hedge the exchange rate risk arising from imports to a greater extent against their competitors who preferred domestic markets the most, the company that preferred domestic markets was able to take advantage of the rising domestic inflation – another sign of a polycrisis – to achieve higher interest and sales revenues.