Allied Farmers (ALF) H2 2024 earnings summary

Executive summary

• Net profit after tax attributable to shareholders rose 56% year-over-year to $5.21 million, driven by a one-off $4.2 million gain from the sale and licence back of Frankton saleyards, with $2.85 million attributable to shareholders.

• Basic earnings per share increased 55.9% to 18.07 cents, and net tangible assets per share rose to $0.40 from $0.21.

• No dividend declared for FY24, with earnings retained to leverage significant tax losses for future growth.

Financial highlights

• Total income was $27.63 million, up slightly from $27.14 million year-over-year.

• Operating profit before tax was $7.32 million, up from $4.07 million in FY23.

• Net profit after tax attributable to shareholders was $5.21 million (FY23: $3.34 million).

• Net cash flow from operating activities was $2.10 million, down from $2.69 million in FY23.

• Net tangible assets per share (consolidated) increased to $0.48 (FY23: $0.26).

Outlook and guidance

• Strategic focus remains on redeploying capital from asset sales into growth opportunities that utilize the company’s $178 million in tax losses.

• Board confident in platform for accelerated earnings growth and continued focus on rural and asset management sectors.