LIC reports 71.7% drop in annual profit

Livestock Improvement Corporation (LIC) has reported a 71.7% decline in net profit after tax for the year ended May 31 2024.

The company's full year results revealed a net profit of $7.7 million, down from $27.4m in the previous year.

This decline in profit was attributed to a 3.3% decrease in total revenue, which amounted to $267.3m.

LIC also saw a 41.6% drop in underlying earnings, which stood at $13.9m.

However, shareholders will still receive a dividend of $8.3m, equivalent to 5.84 cents per share.

This dividend represents 60% of the company's underlying earnings and is in addition to the $18.5m special dividend paid earlier this year.

Despite the financial challenges, LIC maintained a strong balance sheet with no debt at the end of the year.