Allied Farmers reports 56% profit increase

Allied Farmers has reported a 56% increase in net profit after tax for the 2024 financial year, reaching $5.2 million.

The company's net profit before tax also saw a significant rise, reaching $7.3m.

The increase in profit was primarily driven by a one-off gain of $4.2m on the book value of the sale and licence back of NZ Farmers Livestock's interest in the Frankton saleyards.

Excluding this gain, earnings from NZ Rural Land Management were higher than the previous year, but were offset by lower earnings from NZ Farmers Livestock.

Allied Farmers' earnings per share also saw a growth of 55.9%, while the net tangible assets per share increased to $0.40.

The company's board said no dividend will be paid for FY24, as it aims to deploy earnings into growth opportunities that can utilise its significant tax losses.