Two LIC directors not seeking re-election
Two long-standing LIC farmer-elected directors are stepping down later this year.
The 12.75c/share dividend represents a gross dividend yield of 22.7% based on the current share price of 78 cents. Last year, the co-operative paid a dividend of 11c.
The breeding and automation company recorded a net profit of $17.5m, down 21% over last year’s $22.2m net profit, mainly due to a $7.2m decrease in the bull team valuation. However, total revenue was up 3% to $254m and underlying earnings up 16% to $22.7m.
LIC chairman Murray King says the strong result was in line with market guidance and achieved despite the impacts of drought and Covid-19.
“The strong result enables LIC to deliver a significant dividend to shareholders at a time when every dollar counts on-farm,” says King.
LIC reported that despite a challenging season, farmers continue to move up the value chain, investing in the latest genomics and other genetics products, driving revenue up.
“The increasing uptake of these products demonstrates the value on-farm of LIC’s ongoing investment to enhance our core genetics business through world-leading genomics to drive genetic gain in dairy herds and high-valued premium genetics products like A2 and sexed semen,” says King.
