Record rice results

Group revenue was $1.88 billion, up 15 per cent on the previous financial year.

EBITDA (earnings before interest, taxes, depreciation, and amortization) was $143.9 million (up 23 per cent) and net profit after tax was $68.2 million (up 24 per cent).

The record fully franked total dividend is 60c per B Class Share, including 40 cent final dividend (for a baseline payout ratio of 56 per cent when combined with the 15 cent interim dividend declared in December 2023) and 5c special dividend, both fully franked.

A naturally determined crop year 2023 paddy price of $430 per tonne for medium grain rice has been set, and SunRice has announced its core debt has been repaid in full.

Group CEO Paul Serra said the company continued to invest in brands, innovation, infrastructure and efficiencies in the 2024 financial year - which ended April 30 - while undertaking a growth strategy refresh as it looks to lay the foundations to realise further potential ahead.

“As I close my first year with the SunRice Group, I have been privileged to have been part of a year in which the group delivered yet another strong performance across key metrics.

“These exceptional results demonstrate the strength of our brands and our talented team, as well as our operational excellence in navigating a volatile business environment to deliver further growth globally.

“FY24’s performance was underpinned by the ongoing successful implementation of our group’s growth strategy; the connection between our brands and supply chain; and our discipline and agility in navigating challenging conditions and turning opportunities into advantages.

“Together, these factors supported our international market expansion, with more than half of our group revenue realised outside of Australia in FY24, and approximately 70 per cent of the group’s sales relating to branded products.

“During FY24, we made further progress on our sustainability framework, including submitting our emissions reduction targets for validation to the science based target initiative (SBTi); and drafting a net zero roadmap to meet the Group’s commitment to Net Zero by 2050.

“We also commenced a review of our growth strategy to identify new opportunities as we look to evolve and build on our momentum achieved to date.

“Significant work on this review has already been undertaken, with multiple work streams scoping both domestic and international growth opportunities that are aligned with our core strengths and brands.

“As an ambitious and resilient global branded food business, the SunRice Group is well positioned to continue to grow and expand.

“We are investing in our brands and remain focused on ensuring our innovation and diversification pipeline for our products caters to both existing and new customer needs across the globe.

“We are investing in manufacturing to improve infrastructure, and we are adapting to and anticipating climatic cycles through investment and resourcing in domestic and international farming practices to increase both yield and water productivity to assist with decarbonising rice.

“As we enter FY25, our growth strategy refresh as well as the insights provided as part of our recent double materiality review and stakeholder engagement project give us pause to consider a bold future as we look to lay the foundations to realise further potential ahead.”