"Our" business?
OPINION: One particular bone the Hound has been gnawing on for years now is how the chattering classes want it both ways when it comes to the success of NZ's dairy industry.
Fonterra has reported a net profit of $1.1 billion for financial year ending July 31, 2024.
The strong performance has enabled the co-op to return an extra 15c/share dividend to farmer shareholders and unit holders.
The co-op’s final milk price for 2023-24 season is $7.83/kgMS, backed by a total dividend of 55c/share, providing a total cash payout to a fully shared up farmer of $8.38/kgMS for last season.
Chief executive Miles Hurrell says the payout reflects both Fonterra’s continued strong earnings performance and the long-term resilience of the Co-op.
“We’ve maintained the positive momentum seen in FY23 and delivered earnings at the top end of our forecast range.
“Our total dividend of 55c/share is the second largest since Fonterra was formed. It includes a 15c interim dividend and a 25c final dividend driven by strong FY24 earnings.
“In addition, our capital management efficiency and ongoing balance sheet strength have enabled us to return an extra 15 cents per share to farmer shareholders and unit holders through a special dividend.”
Fonterra collected over 1.47 billion kgMS last season. Profit after tax was $1.168b equivalent to 70c/share.
Hurrell says the co-op is in good shape.
“And I'm pleased to have delivered another year of solid returns to farmer shareholders and unit holders.
“Looking ahead, we’re well placed to consider the next phase of our strategy to grow long-term value for the Co-op.”
The Co-op reported a return on capital for FY24 of 11.3%, above the target range for FY24. Earnings (EBIT) from continuing operations were $1,560 million and continue to be well above previous years, albeit down on FY23 which benefitted from elevated price relativities.
Phoebe Scherer, a technical manager from the Bay of Plenty, has won the 2025 Young Grower of the Year national title.
The Fencing Contractors Association of New Zealand (FCANZ) celebrated the best of the best at the 2025 Fencing Industry Awards, providing the opportunity to honour both rising talent and industry stalwarts.
Award-winning boutique cheese company, Cranky Goat Ltd has gone into voluntary liquidation.
As an independent review of the National Pest Management Plan for TB finds the goal of complete eradication by 2055 is still valide, feedback is being sought on how to finish the job.
Beef + Lamb New Zealand has launched an AI-powered digital assistant to help farmers using the B+LNZ Knowledge Hub to create tailored answers and resources for their farming businesses.
A tiny organism from the arid mountains of mainland Greece is facilitating a new way of growing healthier animals on farms across New Zealand.
OPINION: Westland Milk may have won the contract to supply butter to Costco NZ but Open Country Dairy is having…
OPINION: The Gene Technology Bill has divided the farming community with strong arguments on both the pros and cons of…