Select Harvests financial recovery in FY2024

Select Harvests (ASX:SHV) has announced a significant financial turnaround for FY2024. The almond business reported a Net Profit After Tax of $1.5 million, a stark improvement from the previous year's substantial loss. The company's earnings before interest, tax, depreciation, and amortization also saw a positive shift, reflecting successful strategic initiatives.

Select Harvests FY2024 achievements and future outlook

Select Harvests has shown a robust financial recovery in FY2024, marked by a return to profitability and increased almond crop volumes. The company successfully raised $80 million in capital to enhance processing capacity and reduce debt, positioning itself for future growth. Despite logistical challenges and an orchard impairment, the outlook remains positive with strong global demand and stable pricing. Strategic initiatives focusing on safety, operational efficiency, and market engagement are set to drive continued success in the coming years.

Executive insights on Select Harvests performance

The financial performance in FY2024 demonstrates the effectiveness of our strategic initiatives and the resilience of our business. Our focus on operational efficiency, combined with favorable market conditions, has led to a substantial recovery. We remain committed to further improving our crop yields and sales capabilities,' said a spokesperson from Select Harvests.