Rise in Sun­Rice rev­enue

The Western Star - - Rural Weekly - Madeleine Stuch­bery [email protected]­ral­weekly.com

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.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.