The Australia Agricultural Company has reported a statutory net profit after tax of $9.6 million this year, a $49.5 million improvement on the previous year.
Last year, the company made a loss of $39.9 million but has since switched its strategy to transform from a pastoral company to a beef producer and marketer.
In the first full year of its strategy, the company saw a 42 percent increase in sales of its boxed beef, which AACo Managing Director Jason Strong said shows significant progress in transforming the company.
“Sales of boxed been now account for 77 percent of revenue, up from 59 percent in the previous corresponding period,” he said.
“In the last six months, this included the first sales of boxed beef from our new Livingstone Beef processing facility at Darwin
“These sales are into global markets where our traceable supply chains, sustainable practices and unique Australian heritage can command premium prices. Building our brands is the next stage of transforming and growing our business.”
The Australian Agricultural Company opened Livingstone Beef in the Livingstone Valley, about 50km southeast of Darwin, in late February.
The facility will process up to 1000 head of cattle a day at full capacity and it will produce export beef, hides and rendered products.