Tuesday, 28 July 2020 06:25

LIC's $18m windfall

Written by  Staff Reporters
LIC chairman Murray King. LIC chairman Murray King.

Farmer co-op LIC will pay $18 million in dividends to shareholders after a strong full-year result.

The 12.75c/share dividend represents a gross dividend yield of 22.7% based on the current share price of 78 cents. Last year, the co-operative paid a dividend of 11c.

The breeding and automation company recorded a net profit of $17.5m, down 21% over last year’s $22.2m net profit, mainly due to a $7.2m decrease in the bull team valuation. However, total revenue was up 3% to $254m and underlying earnings up 16% to $22.7m.

LIC chairman Murray King says the strong result was in line with market guidance and achieved despite the impacts of drought and Covid-19.

“The strong result enables LIC to deliver a significant dividend to shareholders at a time when every dollar counts on-farm,” says King.

LIC reported that despite a challenging season, farmers continue to move up the value chain, investing in the latest genomics and other genetics products, driving revenue up.

 “The increasing uptake of these products demonstrates the value on-farm of LIC’s ongoing investment to enhance our core genetics business through world-leading genomics to drive genetic gain in dairy herds and high-valued premium genetics products like A2 and sexed semen,” says King. 

More like this

LIC ends year with $30.6m profit

Herd improvement company LIC has ended the 2024-25 financial year in a strong position - debt-free and almost quadrupling its net profit.

LIC Space folds for good

Farmer co-operative LIC has closed its satellite-backed pasture measurement platform – Space.

Featured

All eyes on NZ milk supply

All eyes are on milk production in New Zealand and its impact on global dairy prices in the coming months.

Fencing excellence celebrated

The Fencing Contractors Association of New Zealand (FCANZ) celebrated the best of the best at the 2025 Fencing Industry Awards, providing the opportunity to honour both rising talent and industry stalwarts.

National

Machinery & Products

Tech might take time

Agritech Unleashed – a one-day event held recently at Mystery Creek, near Hamilton – focused on technology as an ‘enabler’…

John Deere acquires GUSS Automation

John Deere has announced the full acquisition of GUSS Automation, LLC, a globally recognised leader in supervised high-value crop autonomy,…

Fencing excellence celebrated

The Fencing Contractors Association of New Zealand (FCANZ) celebrated the best of the best at the 2025 Fencing Industry Awards,…

» Latest Print Issues Online

The Hound

A step too far

OPINION: For years, the ironically named Dr Mike Joy has used his position at Victoria University to wage an activist-style…

Save us from SAFE

OPINION: A mate of yours truly has had an absolute gutsful of the activist group SAFE.

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter