Select Harvests FY2024 financial results

Select Harvests (ASX: SHV) has announced its FY2024 full-year results, revealing a notable financial turnaround. The company reported a record almond crop of 29,527 MT and a significant rise in net profit after tax by $116 million. Increased almond pricing contributed to this success, highlighting Select Harvests' strategic achievements.

Overview and strategic outlook

Select Harvests has demonstrated a significant financial turnaround in FY2024, marked by a record almond crop and a considerable rise in net profit after tax. The company’s effective cost management and strategic initiatives have led to a reduction in total production costs and an improvement in operational cash flow. With a successful capital raise, Select Harvests has reduced its net debt and strengthened its balance sheet. The company is focused on enhancing processing capacity and yield through ongoing strategic projects like Project Optimus. Looking ahead, Select Harvests is optimistic about the industry's outlook, with expectations of strong global demand and rising almond prices. The company's strategic focus remains on cost efficiency, yield maximization, and operational improvements, positioning it well for future growth in the almond industry.

Executive commentary on FY2024 performance

We are pleased to report a significant improvement in our financial performance for FY2024. The record almond crop and increased pricing have driven a substantial rise in our net profit after tax. Our strategic initiatives in safety, processing, and horticulture are delivering results, and we remain optimistic about future growth driven by strong global demand and strategic investments in processing capacity and yield improvements.