SunRice congratulated on outstanding financial result

29 Jun 2015 2:12 PM -

The Ricegrowers’ Association of Australia (RGA) has congratulated SunRice on another outstanding financial performance.

RGA President, Les Gordon, said the strong financial performance of SunRice provided exceptional benefits to growers through high pool returns and record dividends for their shares in the company.

"The final 2014 crop price of $394 per tonne for medium grain rice is a fantastic reward for those who have planted rice in the midst of a challenging water market.

"More than $340 million in paddy payments will be received by growers from the C14 crop, with most of this being reinvested into local businesses and industry," Mr Gordon said.

"An increase in paddy price of over 30 per cent from the previous year reflects the fantastic job SunRice have done marketing our crop, and confirms that rice is justifiably the number one summer cropping option in the Riverina."

Mr Gordon also welcomed the shareholder benefits of SunRice’s $49 million net after tax profit result.

"Increased profits within the business have provided grower shareholders a record 31c fully franked dividend. This is a great result for existing shareholders and an important incentive for growers to maintain a financial interest in their company.

"Rice growers may be asked to make an important decision about an alternative structure for SunRice in the coming months. It is always best to make these critical decisions from a position of strength, and this result enables that to happen," ended Mr Gordon.

Download statement here.