Farmer-owned red meat co-operative Alliance Group continued to bounce back strongly from Covid 19 with a record profit before distribution and tax of $117.2 million for the September year, up 186 per cent on the previous year’s.
The result was based on record turnover of $2.2 billion, up from $1.8b in the previous year.
Alliance will make an $11.3m profit distribution to its farmer shareholders, and in addition, a $10m bonus share issue of one share per qualifying stock unit.
Chair Murray Taggart said it had been a positive year for the company.
“Like many businesses, the co-operative faced significant volatility including from the ongoing impact of Covid-19, global supply chain disruption, labour constraints and inflationary pressures, however, our strategy and investment programme meant we were able to successfully navigate the challenges.