SUNRICE chief executive officer Rob Gordon has told the company's annual general meeting he is looking forward to "accelerating growth as we look forward to improved earnings performance" in the year ahead.
Held recently, the AGM was held virtually in accordance with COVID-19 restrictions.
Some of the key highlights included Mr Gordon telling attendees that thanks to the recovery of Riverina production and realisation of benefits from other strategic and organic growth initiatives, the SunRice Group's earnings were expected to improve.
As a consequence of the larger crop of 417,000 tonnes harvested in 2021, the Australian Rice Pool Business will recover all of its overheads and will not record a loss.
The group will also continue leveraging its multi-origin sourcing capability targeting markets at different price points, with strong earnings contribution expected to continue from the International Rice business.
IN OTHER NEWS:
Mr Gordon also highlighted recent acquisitions had continued to be integrated and are contributing positively to earnings.
Delivery of the 2024 Growth Strategy remains ongoing, with SunRice looking to utilise its strong balance sheet to explore value-accretive acquisition opportunities.
Mr Gordon said earnings for the company continued to recover following the end of the drought and the COVID-19 pandemic.
"After successfully managing the dual challenges of the COVID-19 pandemic and second consecutive year of drought in Australia, it is pleasing to be now focused on accelerating growth as we look forward to improved earnings performance," he said.
"The past two years have been challenging, and I thank our employees for demonstrating remarkable dynamism, flexibility, innovation and resilience in weathering the storm.
"We continue to face the headwinds of COVID-19 in financial year 2022, but the recovery in Australian production and continued performance of other parts of our business should deliver improved earnings and allow a strong focus on executing our 2024 Growth Strategy."
Our journalists work hard to provide local, up-to-date news to the community. This is how you can access our trusted content:
Sign up for our newsletter to stay up to date.