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  • AU: Record profit for Select Harvests

    Aug 21st, 2015

    Almond giant Select Harvests has listed a record profit of $56.8 million for 2015. This is up from $21.6 million last year. In its full year results, listed on the Australian Securities Exchange this morning, Select Harvests reported its underlying earnings before interest and tax were $89.6 million, up from $31.3 million last year, an increase of 186 per cent. Operating cash flow was $30.4 million, up from $23.1 million in 2013-14.

    This comes after the announcement that the $52 billion First State Super has invested $150 million in Select Harvests almond farmland. Select Harvests made the announcement yesterday, saying the profit-to-member super fund would underwrite a significant increase in new almond plantings.

    This agreement will fund the development of 960ha of greenfield almond orchards at three sites in the Riverland and Sunraysia growing regions in NSW, Victoria and South Australia. The company has secured a commitment to long term funding to develop greenfield almond orchards — at a minimum lease term of 20 years.

    The sale and leaseback developments of three properties will begin next year, leading to proceeds of $67 million that will be applied against current debt, strategic projects and the broader funding of growth.

    Select Harvests managing director Paul Thompson said the company would be working in partnership with First State Super to develop Australian agricultural resources.