SunRice records solid financial results, group revenue increases

SunRice delivered a net profit after tax of $54.8 million for the 2023 financial year, which was up 12 per cent on financial year 2022.

The business also recorded a group revenue of $1.64 billion, which was up 23 per cent.

SunRice Group chief executive officer Rob Gordon labelled the results "outstanding".

"Financial year 2023 was an outstanding year for the SunRice Group, in which we delivered the highest group revenue, naturally determined paddy price and total fully franked dividend in the company's 73-year history, despite a challenging inflationary environment," he said.

"This impressive financial performance reflects the strength and resilience of our strategy and business model, and the focused efforts of our people to deliver value for both classes of shareholders.

"We also made further progress against our sustainability strategy and its six focus areas, including launching the Australia Vietnam Mekong Delta Sustainable Rice Value Chain Project and becoming a founding member of the National Plastics Recycling Scheme in Australia.

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"The group is well positioned to continue its momentum in financial year 2024.

"We remain focused on maintaining a strong balance sheet, continuing to explore a well-developed pipeline of potential strategic opportunities, and reinforcing our established branded position."

The financial results were driven by many factors, including abundance of Australian rice, with the CY22 Riverina rice crop 65 per cent larger than CY21, supporting strong sales volumes in key premium markets and expansion in new and existing territories impacted by drought.

It also improved the profitability of the group's segments that rely on inputs from the Australian Rice Pool Business.

Revenue growth was also supported by favourable changes in product mix in some markets.

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