Well-placed to weather conflicts
Shipping disruption caused by Houthi rebels in the Red Sea has so far not impacted fertiliser prices or supply on farm.
Ravensdown has recorded a strong profit for the 2019-20 financial year.
The fertiliser cooperative received a profit before tax, bonus share issue and rebate of $69 million, compared to $52 million in the 2018-19 financial year.
It says it will be returning a total of $68 million to its eligible farmer shareholders.
The co-op says it is confident in its financial strength and cautiously optimistic in the face of uncertainty around Covid-19 and emerging government policy.
Ravensdown Chairman John Henderson. |
In addition to a previous non-cash bonus share distribution in March of $40 million, including imputation credits and a further rebate of $25 per tonne of fertiliser purchased in 2019-20, Ravensdown says it was able to increase spending on its physical infrastructure to $28 million and repeat its 2018-19 spend on R&D ($5 million).
Reduced inventory and strong cashflows throughout lockdown meant that Ravensdown finished the financial year with no net debt and an operating cashflow of $143 million, versus $31 million in 2018-19.
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.
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