THE last 12 months for SunRice have been typified by many ups and downs.
The company has released its results for the past financial year, as well as its annual report.
Some of the key points for the past year include:
- Consolidated revenue for the Group of $1.2 billion, up 1.3 per cent year-on-year.
- Net Profit after Tax (NPAT) of $32.8 million, down 27 per cent year-on-year.
- Fully franked dividend of 33 cents per B class share, no change year-on-year.
- Final C18 full-year paddy price of $411.19 per tonne for Reiziq, up 8.6 per cent year-on-year.
- Despite difficult trading conditions, successful progression of 2022 Growth Strategy.
One of the biggest highlights for the company in recent months as been its listing on the Australian Securities Exchange.
However, one of the low points has been the ongoing drought, which has resulted in now zero water allocations for general security irrigators and one of the smallest rice crops harvested in more than a decade.
SunRice chief executive officer Rob Gordon said it has been a significant year for SunRice.
"Our achievements have been reflected in our ability to deliver NPAT on guidance despite challenging conditions, which undermined profitability," he said.
"These included adverse foreign exchange movements of around $15 million compared to financial year 2018 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.
"Riviana and CopRice continued their growth strategies with the successful acquisitions of Roza's Gourmet and the FeedRite assets, as well as re-purposing our Coleambally Mill."
During the year, the company has also opened new markets in Europe, commenced trading in Libya and re-established distribution relationships in Syria, as well as continuing to innovate and grow its product portfolio.
A new milling and packing facility in Vietnam was also purchased.
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