Businesses chip in to help farmers
Banks and rural businesses are chipping in to help farmers in Southland and Otago.
Nutrient supplier Ballance Agri-Nutrients has posted an annual gross profit of $72.5 million, 4% better than last year’s result.
The co-op will pay its 18,500 farmer shareholders a rebate of $45 per tonne for the financial year ended 31 May 2019, returning $57 million to its more than 18,500 farmer-shareholders.
Ballance says its financial results are the product of an unwavering focus on supporting farmers, and the evolution of farming, as a strength for this country.
Chairman, David Peacocke says a year-on-year lift in performance since FY2016 has been built on a collaborative approach, working with selected partners in New Zealand and suppliers around the world.
“Everything we do is geared to ensuring Kiwi farmers have access to the very best nutrients and advice to achieve outstanding agronomic results, stay competitive globally and drive sustainability in their businesses.
“This is a hallmark and what a cooperative is all about – supporting our farmers and helping them adapt and evolve so that they’re future-ready,” Mr Peacocke says.
Total sales for the year – including nutrient products, animal feeds and industrial ingredients – were flat on FY2018 at 1.64 million tonnes, with the manufacturing margin achieved against rising international urea prices being a key contributor to Ballance’s financial performance this year.
Peacocke says increased retentions of $12 million are earmarked for accelerating the development of high-value digital platforms and services, ongoing investment in the cooperative’s distribution network to deliver improved service capability, and expansion of topdressing services particularly to meet demand for precision aerial application enabled by Spreadsmarttechnology.
Ballance’s re-investment capex of $87 million in FY2019 is more than double the typical spend for the cooperative – reflecting a “sustained programme of investment to evolve both our bricks and mortar shopfront, and also our ecommerce capability and tools for our customers”, says chief executive, Mark Wynne.
OPINION: Ministry for Primary Industries' situation outlook for primary industries report (SOPI) makes impressive reading.
Sheep and beef farmers Matt and Kristin Churchward say using artificial intelligence (AI) to spread fertiliser on their sprawling 630ha farm is a game changer for their business.
Commercial fruit and vegetable growers are being encouraged to cast their votes in the Horticulture New Zealand (HortNZ) board directors' election.
A unique discovery by a Palmerston North science company, Biolumic, looks set to revolutionise the value and potential of ryegrass and the secret is the application of ultraviolet (UV) light.
A New Zealand company is redefining the global collagen game by turning New Zealand sheepskin into a world-class health product.
With further extreme weather on the way, ANZ Bank is encouraging farmers and business owners impacted by the recent extreme weather and flooding to seek support if they need it.
OPINION: Dust ups between rural media and PR types aren't unheard of but also aren't common, given part of the…
OPINION: The Hound hears from his canine pals in Southland that an individual's derogatory remarks on social media have left…