General News
17 July, 2022
Yield up on predictions
THE 2022 harvest of 9.5 million litres of olive oil was a strong improvement on the previous lower-yielding year in 2020, Cobram Estate has told the Australian Stock Exchange. In an end-of-harvest statement, the company said the 2022 Australian crop...
THE 2022 harvest of 9.5 million litres of olive oil was a strong improvement on the previous lower-yielding year in 2020, Cobram Estate has told the Australian Stock Exchange.
In an end-of-harvest statement, the company said the 2022 Australian crop that includes groves at Boort had exceeded its internal budget by about 15 per cent and was 53 per cent higher than 2020 when 6.2 million litres was harvested.
Cobram Estate said the increased yield reflected:
The age profile of its Australian olive groves, with the groves increasing yield as they progress towards maturity;
The program of continual improvement in both olive growing and milling driving higher average yields of its mature orchards across all three farms;
The favourable growing conditions experienced during the season; and
The positive impact of the company’s investment in risk mitigants, including significant investment in frost fans in recent years.
Cobram Estate said it was experiencing cost pressure across the business notably for fertilisers, electricity, diesel, packaging materials and freight.
“In Australia these cost increases have been mostly offset by lower than average water costs,” Cobram Estate reported.
“The company experienced more rainfall than normal at its Australian groves. This resulted in operational challenges but, thanks to the effort from our management teams, employees and our contractors, this did not materially impact ... ability to complete the harvest on time or the quality of the oil produced.”