SunRice has released its financial results for the year ended April 30, 2018 (FY18).

The company’s consolidated revenue for the group in FY18 was $1.2 billion, a 6 per cent increase compared to the previous year (FY17) and net profit after tax was $45.1 million, a 32 per cent increase on the previous year.

These financial results were driven by a combination of several factors, which included the largest Riverina rice crop in three years, ongoing success of selling premium Riverina rice into high returning markets and sourcing rice offshore to satisfy demand in lower returning markets. 

There was also a rebound in medium grain rice prices following a 10-year low and a recovery in profitability experienced by Trukai, CopRice and Riviana.

SunRice chief executive officer Rob Gordon was pleased with the results.

”Having demonstrated in FY17 the business has the strength, resilience and flexibility to weather cyclical commodity downturns, FY18 was characterised by rebounding profitability and reinvigorated growth across the group,” he said.

RELATED

“SunRice’s international sourcing capabilities continued to allow the business to meet expanding demand for our products.

“Having maintained access to key premium markets in FY17 despite the lower Australian crop, international sourcing enabled the swift return of Riverina rice into these markets.”

Mr Gordon believes there’s still room for more improvement and growth, but said SunRice is equipped for a solid future.

“SunRice is uniquely positioned for continued growth, driven by our refreshed five-year strategy, which builds on our resilience and operational strengths and focuses on how we can capitalise on global consumer food trends,” he said.

“This is an exciting time for SunRice and the Australian rice industry, which is the cornerstone of our ongoing success.

“We look forward to progressing our five-year strategy as we seek to build an enduring global company to benefit generations to come.”

****

While you’re with us, you can now receive updates straight to your inbox every Friday at 6am from The Irrigator. To make sure you’re up to date with all news in Leeton sign up here.