Agriculture

    Select Harvests delivers $116M turnaround in FY24

    Article Image

    Select Harvests (ASX:SVH) has reported a turnaround in its FY24 financial results, recording a net profit after tax  of $1.5 million, compared to a substantial loss of $114.7 million in FY23.

    Earnings before interest, tax, depreciation, and amortisation reached $46 million, a marked improvement from a $117.1 million EBITDA loss in the previous year.

    The 2024 almond crop increased by 49.3% to 29,527 MT, highlighting a successful year for the company.

    Managing Director David Surveyor remarked, "Select Harvests recorded net profit after tax of $1.5 million for FY24. This profit is greater than a $116 million turnaround from FY2023 and shows that the business is returning to normal operations."

    The company reported an increase in the price of almonds to $7.69 per kilogram, up from $6.42 the previous year.

    Additionally, Select Harvests' external grower crop increased over 200%, reaching 10,520 MT.

    The figures underline a robust year for the industry, with improved operational efficiencies and market dynamics.

    In its strategic expansion, Select Harvests increased the capacity of its Carina West processing facility to 40,000 MT, aligning with its goal to reduce production costs.

    The fully underwritten capital raise of $80 million facilitated the expansion and debt reduction.

    Despite the achievements, no final dividend was declared for FY24 as the company focuses on strategic growth and operational enhancements.

    The board aims to maximise future earnings and shareholder returns through continued investment in crop yield improvements and enhanced sales capabilities.

    Disclaimer

    Grafa is not a financial advisor. You should seek independent, legal, financial, taxation or other advice that relates to your unique circumstances. Grafa is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on the information provided directly or indirectly by use of this platform.

    Publisher
    Grafa