Australian Agricultural Company recorded a net loss after tax of $94.6 million for the full year FY24, a significant drop from a $4.6 million profit in FY23.

FY24 meat sales revenue rose 10% to $268.7 million, while cattle sales revenue slightly declined 1% to $67.4 million.

Operating profit for the full year went down 25% to $50.5 million, and the company faced a statutory EBIT loss of $112.7 million.

Net operating cash inflow fell 42% to $9.3 million and gearing increased 10% to 23.7%. Wagyu beef revenue grew 12% to $268.9 million, with a 24% increase in volume sold.

"In difficult market conditions, we have delivered a strong financial result, showing the resilience of our business," said Australian Agricultural CEO David Harris.