GrainCorp's revenue for the first half of FY24 dropped 25.5% to $3.28 billion, and profit after tax plummeted 75.2% to $49.6 million.

The company reported a $7.7 million loss from its joint ventures, including GrainsConnect Canada Operations and FutureFeed.

The grains and oilseed storage business declared an interim dividend of 14 cents and a special dividend of 10 cents per share, payable on July 18.

The company also plans a $50 million on-market share buy-back.

"Despite the tough conditions, we are focused on capturing increased value and streamlining our operations across the GrainCorp network," said Chairman Peter Richards.