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

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Aaco News

Beef,Cattle,Anniversary

Australian Agricultural Company says its financial position is strong despite a difficult year, with its herd across Queensland and the Northern Territory increasing to about 455,000 head.

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.

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