SunRice announced a boost to the Crop Year 2014 paddy price at its annual general meeting on Friday.August 26, 2014 3:15am
A $20 boost to the Crop Year 2014 paddy price for A Class shareholders and growers was announced at the SunRice annual general meeting on Friday.
SunRice met with shareholders in Jerilderie to present the results for the 2013/14 financial year and outline a strong outlook for the future.
Following a strong first quarter in its pool business, the announcement of a $20 boost to C14 paddy prices takes the indicative full year price for the crop just harvested to at least $340 per tonne for medium grain Reiziq and $470 per tonne for Koshihikari.
The company also said it was anticipating a 10 per cent uplift in group profit after tax year-on-year, providing ‘‘current market conditions prevail’’.
SunRice chairman Gerry Lawson said 2013/14 was a year in which the company built on its strengths.
‘‘We continued to invest in our products, our people, our operations and our brands in 2013/14 and we leveraged what were at times difficult circumstances to deliver a solid set of results,’’ he said.
‘‘SunRice’s debt is the lowest it has been since April 2007, when we acquired the storage sheds.
‘‘In addition, our global market share is the largest it has been in five years; we have invested $54 million in capital improvements since the drought broke; and we are continuing to innovate and diversify to ensure resilience of SunRice’s earnings.
‘‘We are well poised for future growth.’’
SunRice CEO Rob Gordon presented the company’s results for the 12 months ending April 30, 2014, which included a consolidated revenue for the SunRice Group of $1.151 billion, up 7.7 per cent on the previous year’s $1.068 billion.
Net profit after tax was $34 million, slightly down 6.4 per cent on last year’s $35.8 million.
SunRice paid a final Crop Year 2013 paddy price of $293.61 per tonne for medium grain Reiziq and $403.61 per tonne for Koshihikari, down 7.5 per cent on last year.
It paid a fully franked dividend of 23 cents per B Class share, representing a payout ratio of 43 per cent, up from 40 per cent last year.
Mr Gordon said SunRice and the rice industry are approaching an exciting period, with opportunities to continue to build presence in high growth consumer markets and in premiumisation across commodity markets.
‘‘This past year has seen us make good progress on the group strategy, with revenue uplifts in all of our profit businesses and substantial investment undertaken to position the group for the future.
‘‘This includes our pending acquisition of the Blue Ribbon Rice Group’s rice milling assets, which is subject to ACCC clearance.
‘‘In line with our long term strategic aspirations, we are targeting group revenue approaching $2 billion over the duration of the strategic plan, a return on funds employed of more than 15 per cent, and paddy returns that compel our A Class shareholders and growers to deliver us future crops of at least 950,000 tonnes to meet market demand.’’
All resolutions put to the meeting were passed. AGM presentations, speeches and voting results are available on the National Stock Exchange website and ‘shareholder’ section of the SunRice website.
Two men charged over the armed robbery of a Shepparton service station have been remanded in custody until next week.
The 2014 Yarrawonga Mulwala Multisport Festival has been hailed a huge success by organisers and participants alike.
The fifth annual King Billy Retreat Open Garden Party will be held at Rushworth on Saturday and Sunday, October 25-26, from 10 am to 4 pm.
Echuca College students Calum Pearson, Luke Judd, Kiriana Epararma, Harriet Nilon, Kyle Melhuish and Stephanie Chong are heading to China.
A former Rochester resident is helping women with their confidence and their horses.
Accusations of bullying, disrespect and dangerous conduct.
And the school's best all-rounder for this year.
Finley's Mark Whiley has been traded from the GWS Giants to Carlton - the club he has supported all his life.
District residents are being invited to enjoy Oktooberfest celebrations at Tooborac Hotel and Brewery.
Momentum builds for the greatest show in Cobram, with young and old expected to lap up family attractions in sunny conditions.
Water users have welcomed the governments' announcement of a $350 million package for new irrigation efficiency programs in NSW, but say water availability is in need of improvement.
Farmers and anyone interested in big boys’ toys will be fascinated to check out an unmanned helicopter in action at an Ardmona orchard.
Judge comments, If I were single, I'd marry this steak!
Discover unbelievable local deals from local businesses every week in the Goulburn and Murray Valley area with Leapon.com.au!
Search properties for sale or rent across North Central Victoria and Southern NSW. Visit your local website for local homes....
Search for published and unpublished photos from McPherson Media Group newspapers and magazines. All our photos are available to purchase.
Place an advertisement in any one of McPherson Media Group's local newspapers.