$1.7 m loyalty payment to red meat farmers

Alliance’s platinum and gold shareholders, who supply 100% of their stock to the cooperative, have received the quarterly payments, which cover the period July-September 2018.

It brings the total amount distributed to loyal shareholders for the 2017-18 season to $16.77 million, an increase of 9.3% compared to the 2016-17 season.

Farmers supplying 100% of their lambs are paid an additional 10c/kg for each lamb, 6c/kg for sheep, 8.5c/kg for cattle and 10c/kg for deer.  

Alliance chief executive David Surveyor says the loyalty payments reflect how serious the co-op is about rewarding consistent and committed supply. 

“As New Zealand’s only 100% farmer-owned major red meat cooperative, farmers are at the heart of every decision we make. We’re committed to delivering our profits back to farmers or re-investing them into the business so we can deliver greater returns.

“Our farmers receive a range of other benefits above the price on the day including through our yield mechanism, priority processing and free store stock facilitation.”

The $1.73m was distributed in shareholders’ bank accounts on Wednesday.