Select Harvests Limited (ASX: SHV) reports a challenging FY2023 with a net loss after tax (NPAT) of (AU$114.7) million, significantly impacted by lower crop volumes and market pricing. The almond crop of 19,771 MT, though higher than the 1H estimate, faced adverse weather conditions, resulting in a lower quality profile. The almond price decreased to AU$6.42/kg. Operational challenges included increased crop costs due to supply issues and elevated chemical pricing.
The company's Business Improvement Program aims to enhance processing plant efficiency, targeting 40,000 MT capacity in FY2024. Despite a subdued almond market, Select Harvests managed a strategic approach, securing premium markets. The net bank debt/equity ratio stood at 46.2%, and the company remains focused on financial discipline and working capital management. The outlook for FY2024 anticipates favorable growing conditions, increased processing capacity, and additional profitability from external grower almond volumes.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
