Australian Agricultural Company increases herd size but its profits are down for FY24

Australia's largest cattle company has increased its herd size by 5 per cent to about 455,000 head, but the value of the herd has fallen nearly $150 million.

"Anyone in beef or agriculture knows cattle prices have taken a fair hit, up to 40 per cent in the last year, and for us it was a $149.4 million effect," he said. He said the company was optimistic that cattle prices would "improve over time", but did not expect it to rush back to the record highs of 2022.AACo is celebrating its 200th year of operation and has relaunched its 1824 Wagyu brand, which "celebrates the year our story began and two centuries of perfecting our craft", Mr Harris says.

AACo's Wagyu beef is a premium product sold mostly into overseas markets and its overall meat sales revenue increased 10 per cent this year.Mr Harris said branded meat sales into Asia grew 28 per cent over the last 12 months, but fell sightly in Europe, the Middle East and North America.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Hydrogen-powered aircraft in development by Australian company AMSL Aero aims for net zero aviationAn Australian aviation startup on a mission to decarbonise air travel is developing a battery that could power a small aircraft to travel 1,000 km using hydrogen, and it already has a customer.
Source: abcnews - 🏆 5. / 83 Read more »

Australian wine company A Glass Of introduces latest range of five 200ml pouchesFinishing the same bottle off over a few evenings can get a little dull. An Australian company has come up with an innovative alternative.
Source: FinancialReview - 🏆 2. / 90 Read more »

A living legacy helping the agricultural industry that grew from one family's sacrifice and generosityIn the last days of 1943 a brave young Australian soldier, whose family played an influential role developing Australia's irrigation industries, lost his life trying to save wounded comrades in the mountains of Papua New Guinea.
Source: abcnews - 🏆 5. / 83 Read more »