Australian agribusiness Elders Ltd. reported a 22% increase in annual profit, reflecting an improved fiscal performance across most businesses, and said it expects strong trading conditions in the months ahead.
The company said it made a statutory profit after tax of 149.8 million Australian dollars (US$110 million) in the 12 months through September.
“Financial performance improved across all geographic and product areas in FY 2021, with the exception of the feed and processing business which was challenged by higher feeder cattle prices,” Elders said.
Directors of the company declared a final dividend of 22 Australian cents a share, taking the total fiscal 2021 payout to 42 cents a share. The year prior it paid shareholders 22 cents.
“Continued favorable seasonal conditions and high demand for agricultural commodities are expected to create excellent trading conditions in the first half of FY 2022,” Elders said.
Cattle and sheep prices are expected to remain high in the medium term, while the wool market is expected to continue to recover, underpinned by higher demand in China and Europe, it said.