- Leading agribusiness and processing company GrainCorp (GNC) reports “excellent” results for 1H23
- The company posted EBITDA of $383 million and net profit after tax (NPAT) of $200 million, up from $427 million and $246 million, respectively, from figures announced in 1H22
- GNC attributes the rise to strong performances across both its agribusiness and processing divisions
- GrainCorp also upped its FY23 earnings guidance for EBITDA to $500 to $560 million, up from $470 to $530 million, and for NPAT to $220 to $260 million
- Shares in GNC are trading up 6.9 per cent to $7.59 at 10:45 am AEST
Leading agribusiness and processing company GrainCorp (GNC) has delivered “excellent” results for the half-year that ended March 31, 2023.
The company posted EBITDA of $383 million and net profit after tax (NPAT) of $200 million, up from $427 million and $246 million, respectively, from figures reported in 1H22.
GrainCorp attributed the rise to strong performances across both its agribusiness and processing divisions.
“Both our business segments – agribusiness and processing – contributed to the strong performance, with outstanding operational execution and solid supply chain margins,” GNC Managing Director and CEO Robert Spurway said.
“We saw good ongoing demand for Australian grain and oilseeds, and this was supported by a third bumper crop in east coast Australia.”
Mr Spurway added the team at GrainCorp continued its focus on supply chain efficiencies during the half-year period.
“We are benefiting from our extensive asset footprint and the operational capability of our teams,” he said.
As a result of the strong performance, GrainCorp upgraded its FY23 earnings guidance, upping EBITDA to $500 to $560 million, up from $470 to $530 million, and its NPAT of $220 to $260 million, up from $180 to $220 million.
“Overall, GrainCorp is extremely well positioned, with our businesses performing well, a balance sheet that continues to strengthen and a pipeline of strategic growth opportunities,” Mr Spurway added.
GrainCorp also delivered its 1H23 dividend of 24 cents per share fully franked.
Shares in GNC were up 6.9 per cent, trading at $7.59 at 10:45 am AEST.