Agriculture
3 September, 2024
Big sale, profit jump for olives
SALES of Cobram Estate olive oils increased 34.6 per cent last financial year, the company told investors last Friday. The company announced an $18.5 million profit after tax for the 2023-2024 financial year and expects to pay a dividend of 3.3...
SALES of Cobram Estate olive oils increased 34.6 per cent last financial year, the company told investors last Friday.
The company announced an $18.5 million profit after tax for the 2023-2024 financial year and expects to pay a dividend of 3.3 cents.
Profit is up 140.1 per cent on the previous year.
In an investor presentation, joint-CEOs Sam Beaton and Leandro Ravetti said the company’s debt ratio increased from 29.8 per cent to 31.5 per cent as the group entered into a new debt facility and drew down existing debt facilities, as planned, to fund major growth capital projects.
They said the company had recorded a record cashflow from operations of $64.1 million, up from the previous year’s $54.1 million.
“The group’s cashflow generation is reflective of growing sales in Australia and the US, increased sales prices and the stabilisation of costs,” investors were told.
Cobram Estate, with groves in Australia and the US including the major growing base at Boort, says past capital investment in Australia is expected to significantly increase olive oil supply over the medium term.
Its extra virgin olive oils are the top selling Australian brand by value and volume. Australian packaged oils are 65 per cent of the company’s sales.