End of financial year marks major milestone for CBH Group
13/12/2024
The CBH Group has reported a solid surplus for the 2024 financial year as it celebrates a major milestone in its Board-endorsed Path to 2033 Strategy.
The grower-owned co-operative today released its 2024 Annual Report, which outlines its financial and operational performance for the year ending 30 September 2024.
CBH reported an adjusted group surplus of $73.8 million, bolstered by a strong outloading program and a commitment to providing growers with competitive grain and fertiliser prices.
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.
“The end of the financial year marked the completion of the first phase, or Horizon 1, of our Path to 2033 Strategy,” Mr Macnamara said.
“We are proud to have successfully achieved our Horizon 1 target, creating enough capacity to outturn more than two million tonnes per month.
“This success was initially underpinned by the CBH team, and our contractors and transporters, who collectively helped to move the crop through the supply chain.
“In parallel to this, our investment in the network has continued and we have made great progress on a number of critical infrastructure projects such as the rapid rail outloading projects and refurbishing existing assets to improve storage and throughput capacity.”
In line with its Path to 2033 Strategy, 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.
CBH’s Operations division reported a reduced $51 million surplus year-on-year, reflecting 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.
Marketing & Trading (M&T) reported a surplus of $14.8 million as it faced 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.
During the year, M&T bought 42 per cent 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 outturned a record 253,000 tonnes and maintained an 11 per cent market share in WA.
“Looking forward, our focus remains on delivering our Path to 2033 Strategy and driving efficiencies across the network, to support our ability to outturn up to three million tonnes a month by 2033,” Mr Macnamara said.
“Over the next four years in Horizon 2, the work that was delivered in the first horizon will start to yield tangible benefits and growers will see the continued delivery of major infrastructure projects across our supply chain, such as the arrival of our new rail fleet and ongoing completion of our rapid rail projects.”
Click here to access the 2024 Annual Report.
The grower-owned co-operative today released its 2024 Annual Report, which outlines its financial and operational performance for the year ending 30 September 2024.
CBH reported an adjusted group surplus of $73.8 million, bolstered by a strong outloading program and a commitment to providing growers with competitive grain and fertiliser prices.
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.
“The end of the financial year marked the completion of the first phase, or Horizon 1, of our Path to 2033 Strategy,” Mr Macnamara said.
“We are proud to have successfully achieved our Horizon 1 target, creating enough capacity to outturn more than two million tonnes per month.
“This success was initially underpinned by the CBH team, and our contractors and transporters, who collectively helped to move the crop through the supply chain.
“In parallel to this, our investment in the network has continued and we have made great progress on a number of critical infrastructure projects such as the rapid rail outloading projects and refurbishing existing assets to improve storage and throughput capacity.”
In line with its Path to 2033 Strategy, 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.
CBH’s Operations division reported a reduced $51 million surplus year-on-year, reflecting 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.
Marketing & Trading (M&T) reported a surplus of $14.8 million as it faced 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.
During the year, M&T bought 42 per cent 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 outturned a record 253,000 tonnes and maintained an 11 per cent market share in WA.
“Looking forward, our focus remains on delivering our Path to 2033 Strategy and driving efficiencies across the network, to support our ability to outturn up to three million tonnes a month by 2033,” Mr Macnamara said.
“Over the next four years in Horizon 2, the work that was delivered in the first horizon will start to yield tangible benefits and growers will see the continued delivery of major infrastructure projects across our supply chain, such as the arrival of our new rail fleet and ongoing completion of our rapid rail projects.”
Click here to access the 2024 Annual Report.