Ricegrowers (SGLLV) H2 2024 earnings summary

Executive summary

• Achieved record group revenue of AUD 1.88 billion, up 15% year-over-year, and the highest fully franked dividend in company history, with NPAT up 24% to AUD 68.2 million, driven by international expansion and disciplined execution.

• Over half of revenue generated outside Australia and New Zealand, reflecting successful global market expansion.

• Continued focus on product innovation, supply chain agility, and operational efficiencies supported profitability.

• Maintained disciplined capital management, repaid all core debt, and suspended the dividend reinvestment plan.

• Advanced sustainability initiatives, including emissions reduction targets and on-farm trials to cut greenhouse gases.

Financial highlights

• Revenue reached AUD 1.88 billion, up 15% year-over-year; EBITDA was AUD 143.9 million (+23%); EBIT up 26% to AUD 105.1 million.

• Net profit after tax grew 24% to AUD 68.2 million; basic EPS up 16% to just over AUD 0.97 per B Class Share.

• Fully franked dividend per B Class Share increased 20% to AUD 0.60, with a dividend yield of 9.2%.

• Group declared AUD 188 million in dividends to B Class shareholders since FY17.

• Dividend payout ratio at 62% for FY24.

Outlook and guidance

• Aims to repeat strong top and bottom line performance in FY 2025 despite headwinds from softening sale prices, increased competition, FX headwinds, and cost pressures.

• CY24 Riverina harvest was large at 618,000 paddy tonnes; paddy price range unchanged at AUD 370–430 per ton for medium grain.

• Focus remains on branded product sales, pricing strategies, and operational improvements.

• Expecting another substantial crop in 2025 based on water availability.