LIC ends year with $30.6m profit
Herd improvement company LIC has ended the 2024-25 financial year in a strong position - debt-free and almost quadrupling its net profit.
About 120 breeders from all over the country attended LIC's Premier Sires Breeders' Day (April 15) at its Newstead headquarters, after supplying a bull calf to the cooperative which went on to form part of the 2013/2014 team of elite bulls for artificial breeding.
LIC director and Jersey breeder, Murray Jagger, welcomed the distinguished guests and expressed his envy, as many other farmers would, of their achievement and efforts in breeding such elite animals.
"I have strived for many years to breed a bull worthy of selection to Premier Sires so I am extremely envious that you have achieved that benchmark.
"You have the distinction of belonging to a unique group of farmers who breed bulls good enough to bear the Premier Sires title and LIC is immensely proud of our relationship we share with you.
"You can all take pride in knowing that your excellence in farming ability and animal breeding is making an enduring difference and improving the prosperity on the dairy farm, the industry as a whole and to the New Zealand economy.
"There is huge satisfaction in being part of a cooperative which creates value and prosperity not just for today's farmers, but for future generations, and we could not do it without you; today we celebrate that pinnacle of achievement, and you can be very proud that," says Jagger.
Premier Sires bull teams, both daughter proven and genomically selected, sire three out of four dairy cows in New Zealand – contributing around $300 million each year to the economy, or more than $17 billion since LIC began artificial breeding services began in the 1950s.
LIC's general manager of genetics, Peter Gatley says Breeders' Day is a very special day on LIC's calendar, as an event which celebrates a unique group of farmers whose expertise as breeders deserves commendation.
"Premier Sires are responsible for producing the next generation of high genetic merit, high performing dairy animals," says Gatley.
"With the dairy industry accounting for somewhere in the region of 40% of New Zealand's GDP, our Premier Sires breeders make a real difference not only to dairy farmers throughout the country but the country as a whole."
The full-day event also included a tour of LIC's bull barn, a bull parade, presentation of certificates and photos to each breeder and an overview about the co-operative's new strategy from chief executive Wayne McNee.
