LOCHEM, NETHERLANDS — ForFarmers saw significant volume growth and profitability in the third quarter ended Sept. 30 due to cost control and a market-oriented approach, the company said.

The feed solutions company reported gross profit of €127.3 million ($138.4 million), an increase of 6.3% compared with the same quarter a year ago.

Volume grew 6.1% to 2.17 million tonnes with compound feed volume increasing by 2.8% to 1.48 million tonnes.

“The strong trend from the first half of the year continued into the third quarter,” said Pieter Wolleswinkel, chief executive officer ForFarmers. “Our ambition to continue gaining market share was reflected in significant volume growth of 6%. Operational profitability has once again improved strongly, driven in part by the market-oriented approach, using our scale and knowledge. We remain committed to cost control. This result, in which we were again able to provide our farmers with good feed at competitive prices, is due to the hard work of our employees.”

As expected, turnover in the third quarter fell 4.5% compared to last year to €665.4 million, driven entirely by a decline in raw material prices. The decrease is clearly leveling off compared to previous quarters, the company said.

In the past quarter, the company announced a joint venture with team agrar, a German company that produces compound feed and also is involved in grain collection and trading, the supply of seeds, fertilizers and plant protection products as well as special agricultural products.