WESTERN Australian grain distribution business, CBH reports in its annual report released on 11 December, a reduced $51 million surplus year-on-year.
The co-operative reported an adjusted group surplus of $73.8 million, bolstered by a strong outloading program.
The report says the figure reflects the below-average volume of deliveries from growers into the network (12.5 million tonnes).
However, the division produced a strong logistical performance, achieving its third largest outloading program (16.3 million tonnes) and fourth-largest shipping year (14.7 million) on record.
CBH Chief Executive Officer Ben Macnamara said despite a below-average harvest, the co-operative delivered a solid performance while making strong progress on its strategy.
Marketing & Trading (M&T) reported a surplus of $14.8 million as it faced what the annual report said was a challenging trading environment.
“Despite this, the division sought to provide competitive prices to WA growers, delivering on its purpose of driving a competitive market,” the report said.
During the year, M&T bought 42% of the WA crop and paid $2.9 billion to WA growers for their grain, while shipping 8 million tonnes of grain to its customers.
The Fertiliser division delivered another strong year, completing its first full season operating the Kwinana Fertiliser Terminal and offering a full range of liquid and granular fertilisers. The division generated a record 253,000 tonnes and maintained an 11% market share in WA.
The co-operative invested $500 million into the network during the year, including a record $199 million on sustaining capital or replacing and refurbishing existing infrastructure.
