Rise in SunRice revenue
SUNRICE’S revenue for 2018-19 increased 1.3 per cent to $1.19 billion, but net profit after tax dropped year on year.
The company’s annual report showed the company’s net profit was $32.8 million, down 27 per cent for the year ending April 30, 2019.
Sales revenue for the year before was $1.18 billion.
SunRice chief executive Rob Gordon said the company’s financial results reflected what had been “a significant year” for SunRice, including the listing on the Australian Securities Exchange.
Strong pricing and SunRice products in higher-returning markets internationally saw a record pool price of $411.19 a tonne in 2018-19.
“Our achievements have been reflected in our ability to deliver net profit after tax on guidance despite challenging conditions, which undermined profitability,” Mr Gordon said.
“These included adverse foreign exchange movements of around $15 million compared to 2017-18 across International Rice, Rice Food and Riviana, particularly in the first half.
“Despite these challenges, we continued to successfully execute against and accelerate our 2022 Growth Strategy.”
Mr Gordon said new markets had been opened in Europe, with trade commencing in Libya and re-established distribution relationships in Syria.
“In Vietnam, the acquisition and development of a world class milling and packing facility in the Mekong Delta will set a new standard for Vietnam rice processing and assure our customers that the quality standards we apply to our Australian product can be replicated internationally,” Mr Gordon said.
The company also announced today a fully franked dividend of 33 cent per B Class Share.
“In an intense year of activity across the
Group, we continued to deliver for both A and B Class Shareholders and demonstrated resilience and agility in the pursuit of this, which should hold us in good stead in the current year,” Mr Gordon said.