Namoi Cotton (NAM) Q1 2025 TU earnings summary

Executive summary

• Net cash outflows from operating activities were $10.0 million for the quarter ended 31 May 2024.

• Receipts from customers totaled $65.4 million, with operating costs of $63.7 million in the same period.

• Ginning volumes reached 300,000 bales by end of May, up from 250,000 bales in the prior season due to an earlier start.

• Recent rainfall negatively impacted cotton delivery consistency and quality.

Financial highlights

• Payments for staff, administration, and corporate costs totaled $11.7 million.

• Payments for property, plant, and equipment were $2.5 million.

• Proceeds from borrowings were $13.5 million; dividends paid totaled $2.1 million.

• Cash and cash equivalents at quarter end were $5.6 million, down from $7.5 million at the start of the quarter.

Outlook and guidance

• ABARES forecasts total Australian cotton production at 4.9 million bales for 2024, down from 5.5 million in 2023.

• Expected ginning volume for the 2024 season is 0.9 to 1.1 million bales, compared to 1.16 million in 2023.