Maple Leaf Foods (MFI) reported a net loss of $41.5 million for the fourth quarter of 2021 due largely to the impact of a cybersecurity attack the company suffered.
The Toronto-based company said its loss for the quarter ended December 31, 2022 amounted to $0.34 per share compared with a profit of $1.9 million or $0.02 a share in the final months of 2021.
Maple Leaf Foods’ revenue in the quarter totaled $1.19 billion, up 6% from $1.12 billion a year earlier.
The company said its results were negatively impacted by a $23 million charge related to a cybersecurity incident last November and $25.8 million in construction costs.
Maple Leaf Foods added that weakening pork prices also weighed on its financial results in the fourth quarter.
Despite the net loss, Maple Leaf Foods announced that it is increasing its quarterly dividend by 5%. Going forward, the company will pay a dividend of $0.21 per share, up from $0.20 a share previously.
Maple Leaf Foods’ stock has declined 10% over the past 12 months to trade at $27.91 per share.
