Allied Farmers (ALF) H1 2025 earnings summary

Executive summary

• Total comprehensive income for the six months ended 31 December 2024 was $2.28 million, down from $6.55 million in the prior year period.

• Profit after tax attributable to shareholders was $1.88 million, compared to $1.42 million in the same period last year.

• Net profit before tax for HY25 was $2.486 million, up 27.81% year-over-year from $1.9 million in HY24.

• Earnings per share rose to 6.54 cents from 4.94 cents year-over-year.

• The group operates in livestock services, financial services, and rural land management, with livestock sales showing seasonality and stronger performance in the first half.

Financial highlights

• Total income for the period was $19.36 million, up from $17.11 million year-over-year.

• Operating profit before tax was $2.42 million, up from $1.95 million year-over-year.

• Net cash flow from operating activities was $3.92 million, up from $0.25 million in the prior year period.

• Net tangible assets per share increased to $0.50 from $0.31 year-over-year.

• No interim dividend declared as tax losses are being utilized and earnings are retained for reinvestment.

Outlook and guidance

• Livestock sales are expected to remain seasonal, with stronger performance in autumn and the first half of the year.

• The ability to utilize significant unrecognized tax losses depends on maintaining shareholder continuity.

• NZFL expects continued strong agency performance and a positive year for NZ farmers barring major disruptions.

• NZRLM outlook remains positive, supported by a growing opportunity set and expanding international investor base.