Australian Agricultural Company Limited
(ASX:AAC) has swung to an annual profit in the year to March from a loss of almost $40 million the year before.
Australia’s biggest beef and cattle producer posted a profit of $9.6 million while net EBITDA grew to a profit of $44.9 million.
Managing Director Jason Strong says the results show significant progress in transforming the company following the strategy announced in July last year.
The company believes it has moved from being a pastoral company to a beef company with boxed beef sales now comprising 77 per cent of revenue.
No dividend has been declared.
