Select Harvests (SHV) H2 2024 earnings summary

Executive summary

• Net profit after tax of $1.5 million for FY2024, reversing a prior year loss of $114.7 million, driven by record almond crop volume, higher prices, cost reductions, and transformation initiatives.

• Revenue increased 64% year-over-year to $337 million, supported by a record crop of 29,527 tonnes and higher almond prices.

• Capital raise of $80 million (net $76.3 million) completed, reducing net debt to $162.3 million and gearing to 29% post-raise.

• Transformation and Project Management Office initiatives delivered a net gain of $15 million after inflation and logistics setbacks.

• No final dividend declared for FY2024.

Financial highlights

• EBITDA improved to $46 million from a $117.1 million loss year-over-year.

• Almond crop volume reached a record 29,527 MT, up 49.3% year-over-year; external grower crop up 208.1% to 10,520 MT.

• Average almond price increased to $7.69/kg from $6.42/kg in FY23.

• Operating cash flow improved to $21.3 million from $3.3 million in FY23, supported by higher sales and lower input costs.

• Earnings per share rose to 1.24 cents from a loss of 94.8 cents.

Outlook and guidance

• FY25 outlook is positive, with normal bloom conditions, strong global demand, and rising almond prices expected.

• 2025 crop program underway with favourable water allocations and high dam storage.

• Production costs expected to remain flat or increase by up to 1% in FY2025.

• Expansion of processing capacity by 10,000 tonnes targeted for 2026, with some gains possible earlier.

• Focus on yield improvement, cost efficiency, and expanded processing capacity.