AUSTRALIAN Agricultural Company chairman Donald McGauchie says the past 12 months have been a year of progress, but also a time of great challenges.
Speaking at the AACo annual general meeting in Brisbane on Wednesday, Mr McGauchie said despite the the North West Queensland floods and ongoing drought in the Northern Territory, the company was positioned well for the future.
Financial data shows AACo net loss after tax was $148.4 million for the year to March 31 compared to a $102.6m loss last financial year.
Seasonal impacts were said to have cost the company $107m, including $47m attributed to the flood and $60m for drought related costs, mainly feed and transport.
AACo has not paid a dividend since 2008.
"I am more confident than ever that our branded beef strategy is the right strategy for AACo," Mr McGauchie said, with particular reference to AACo's Wylarah and Westholme Wagyu brands.
"Today our underlying profit has improved - even including seasonal impact.
"We are delivering in new markets following our launch in Dubai in October and establishing a new platform for our US engagement."
AACo lost some 43,000 mainly breeding (non-Wagyu) cattle during the North West Queensland flood event in January - about 10 per cent of the herd.
AACo announced today it had taken a 10 year lease on 17,500ha Rolleston property Rewan. The company controls about 1 per cent of Australia's landmass - 6.5 million hectares.
Meanwhile, David Crombie stood down as a director but will continue his association with the company as a member of AACo's pastoral advisory group.
Plans are also well underway to celebrate AACo's bicentennial year in 2024.
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