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Do fund managers eat their own cooking? – the sequel
Nicholas Pointon
Mon, 11 May 2026
Mon 11 May 2026 01:51:34am
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Mon 11 May 2026 01:51:34am
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Chinese-owned dairy farms boost profits
Dairy farms owned by Chinese billionaire Jiang Zhaobai have reported a substantial lift in profits for the year to December.
Theland Tahi Farm Group owner PXNZ Holdings – whose operations mainly comprise North Island dairy farms in the former Crafar group – reported net profit of $19 million for 2025, up from $4.9m the previous year.
Revenue grew 20% on 2024 to $50.3m.
PXNZ, formerly known as Milk New Zealand Holding, is ultimately owned by Nantong Yingxin Investment Company in China.
Meanwhile, PXNZ Capital – owner of the South Island-focused Theland Purata Farm Group, whose operations mainly comprise farms acquired from Synlait – reported net profit of $14.3m for 2025, up from $12.6m the previous year.
Revenue for PXNZ Capital grew 90% to $50.2m.
PXNZ Capital, formerly known as Milk New Zealand Capital, is ultimately owned by British Virgin Islands-registered Bestway Universal.
Synlait independent director resigns
Synlait independent director Paul McGilvary has resigned and will leave the board on May 18.
The move leaves the NZX-listed milk processor with only one independent director, board chair George Adams.
Under listing rules and its own constitution Synlait must have two independent directors. The company said it had begun a search for a new director earlier in the year and would provide an update before McGilvary’s departure.
McGilvary joined the board in January 2022 and served as acting chair from October 2023 to May 2024. He was previously chief executive of dairy co-op Tatua, CEO of HortResearch and a senior executive at Fonterra.
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Mon 11 May 2026 01:44:26am
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