GrainCorp reports strong 1H results and $100M profit

Company News

by David Chau

GrainCorp (ASX:GNC) released its first half results this morning. The company reported its underlying NPAT was $100 million (an improvement on last year’s $32 million).

As for its EBITDA, that rose to $236 million (compared to last year’s $134 million).

Graincorp says its strong first half performance was due to a large Australian grain harvest, higher export volumes, its improved network efficiency and cost management initiatives.

The company declared an interim dividend of 15 cps (which is up from last year’s 7.5 cps). Graincorp is also expecting its full year dividend to be between 40% and 60% of underlying full year NPAT.

This morning, GrainCorp shares are tracking 4.93% higher at $9.57.

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