Bega Cheese, the owner of Vegemite and a string of dairy brands including Dairy Farmers and Farmers Union iced coffee, announced a statutory profit after tax of $30.5 million for the fiscal year ending June 30, 2024, signalling a substantial recovery from the previous year's loss of $229.9 million.
The company recorded a 4.3% rise in revenue, reaching $3.52 billion, coupled with a 14.6% increase in statutory EBITDA to $165.1 million.
The results marked a dramatic turnaround for the company within just one year.
The record year for the Branded segment was a critical factor contributing to the growth, despite ongoing challenges in the Bulk segment due to fluctuating global dairy commodity prices.
Commenting on the results, Brett Kelly, company secretary of Bega Cheese, highlighted the resilience and strategic direction of the company.
"Our results this year demonstrate the strength and breadth of our Branded portfolio," said Kelly, reflecting on the robust performance in key categories such as yoghurt, milk-based beverages, and spreads.
The financial report also noted a $7.6 million increase in interim and final dividends, with the final dividend of 4 cents per share declared, payable on Oct. 3.
Looking forward to FY25, the company expects farm gate milk prices to better align with global commodity prices, projecting a return to profitability for the bulk segment.
Bega Group is forecasting EBITDA between $190 million and $200 million.
With ongoing efforts to enhance agility, minimise costs, and focus on branded product innovation, Bega Cheese remains optimistic about continued growth.