SunRice reports record revenue

SunRice Group has recorded its highest ever revenue in the group’s 73-year history after a challenging season for rice growers.

SunRice chief executive Robert Gordon with chairman Laurie Arthur.

SunRice Group has reported its highest ever revenue in the group’s 73-year history.

The results, presented to investors on Friday, are the last for group chief executive Rob Gordon, who will step down in August to be replaced by Olam managing director Paul Serra.

SunRice delivered a net profit after tax of $54.8 million for its financial year ended April 30, up 12 per cent on FY22’s result of $48.7 million.

The results come off the back of a bumper harvest in 2022 of 675,000 paddy tonnes – the Riverina’s largest in five years.

This year’s recently harvested rice crop came in lower at 500,000 paddy tonnes after a late plant and cold January. This will be reflected in the group’s financials over the coming year.

The Group FY23 revenue came in at a record $1.64 billion, up 23 per cent on FY22, when its previous record was set.

Earnings before interest, taxes, depreciation and amortisation came in at $117.0 million, up 28 per cent on FY22.

The paddy price set a new record at $461 a tonne for medium grain Reiziq, up 8 per cent on the FY22 price of $428 a tonne.

SunRice chief executive Rob Gordon said it had been an “outstanding” year for the company “despite a challenging inflationary environment”.

And with water storages across southern NSW more than 90 per cent full, the group has forecast high rice production to continue through to the start of 2025.

In February, SunRice announced a paddy price range of $390 to $450 per tonne for calendar year 2023.