GrainCorp (GNC) H2 2024 earnings summary

Executive summary

• Underlying EBITDA for FY24 was AUD 268 million, down from AUD 565 million in FY23, with underlying net profit after tax of AUD 77 million.

• Record oilseed crush volumes reached 540,000 tonnes, a 9% increase year-over-year, supporting resilience amid lower grain production.

• XF Australia acquisition completed, contributing AUD 6.5 million in H2 and expanding the Animal Nutrition portfolio.

• Core cash position at year-end was AUD 337 million, supporting over AUD 130 million in capital returns to shareholders.

• Strategic initiatives included the launch of a business transformation program and signing an MoU with Ampol and IFM Investors for renewable fuel supply chain feasibility.

Financial highlights

• Underlying EBITDA: AUD 268 million for FY24, down from AUD 565 million in FY23.

• Underlying net profit after tax: AUD 77 million, compared to AUD 250 million in FY23.

• FY24 dividends totaled AUD 0.48 per share, fully franked, with a final dividend of AUD 0.24 per share (AUD 0.14 ordinary, AUD 0.10 special).

• Share buyback of AUD 27 million completed; total capital returns of AUD 465 million over four years.

• Net debt reduced to AUD 99 million, mainly due to lower commodity inventory.

Outlook and guidance

• FY25 winter crop forecast at 28.8 million tonnes, up from 23.5 million tonnes in FY24, with improved yields in Queensland and NSW.

• Early and strong harvest underway, with 5.8 million tonnes received year-to-date.

• Lower crush margins expected to persist into FY25; earnings update to be provided at AGM in February 2025.

• Continued focus on agri-energy, animal nutrition, and port diversification for growth.