September 1, 2022
Bega Cheese’s annual results, released to the ASX late last week, reveal a drop in statutory profit of almost $54 million during 2021-22 despite a healthy 45 per cent increase in revenue.
However, Bega – the parent company of Kingaroy-based PCA – also managed to reduce debt by $60 million to $265 million.
Profit after tax was $24.2 million, down from $78.0 million on 2020-21.
Revenue rose to more than $3 billion, up from $2.07 billion.
The company recorded normalised earnings of $180.1 million and statutory earnings of $149.9 million, with a net operating cash flow of $158 million.
“It is a testament to the knowledge, experience and capability of our team and the strength of our business that we have managed the supply chain and market disruptions created by the COVID-19 pandemic, record flooding and associated transport challenges,” executive chairman Barry Irvin said.
He said Bega Dairy and Drinks had been successfully integrated into the company during its first full year of ownership.
Mr Irvin also cited a 63 per cent growth in revenue for Bega’s “branded segment” to $2.5 billion.
The company announced a final fully franked dividend of 5.5 cents per share for FY2022, taking the total dividend for the year to 11.0 cents per share.
