Despite low global grain prices, GrainCorp’s profits are on course to rocket three-fold for the 2016/17 fiscal year from $53 million to between $130 million and $160 million due to a record winter crop harvest in Australia this year.
Earnings before interest and taxes (EBIT) for the fiscal year are expected to range between $385 million and $425 million – up from $256 million last year, according to calculations discussed at the company’s annual general meeting.
During the most recent harvest GrainCorp operated 160 silos with an average receival of 70,000 tons per silo – compared to the previous year during which the company operated 180 silos with an average receival of 40,000 tons, and two years before when the company operated 300 silos with an average receival of 50,000 tons.
Additionally, it was announced that company Chairman and Director Don Taylor will retire as of May 1 after 11 years in the position as chairman. Replacing him will be company director, Graham Bradley.
Lynda Kiernan is Editor with HighQuest Group Media and of the Oilseed & Grain News. If you would like to submit a contribution for consideration, please contact Ms. Kiernan at email@example.com.