Ridley Corporation's FY24 Financial Overview

Ridley Corporation (ASX:RIC), a leading Australian animal nutrition company, held its Annual General Meeting on November 19, 2024. The company reported a resilient financial performance for FY24, achieving an EBITDA of $92.8 million, a 4.9% increase from the previous year. This was despite facing challenges such as reduced demand for broiler chicken feed, falling tallow prices, and an Avian Influenza outbreak.

Ridley Corporation's Strategic Outlook

Ridley Corporation has shown resilience in FY24 amid a challenging market. The company increased its EBITDA by 4.9% to $92.8 million, driven by strategic diversification and disciplined capital investment. Key growth areas included the Bulk Stockfeeds segment and Ridley Direct sales. The acquisition of Oceania Meat Processors boosted its presence in the pet food industry. Sustainability remains a priority, with initiatives resulting in a 4.4% reduction in CO2 emissions per tonne of product. Strategic acquisitions like the Carrick Feedmill are set to enhance market presence. Looking forward, Ridley anticipates earnings growth in FY25, supported by de-bottlenecking projects and premiumization in pet food. Shareholder resolutions at the AGM, including director re-elections and performance rights, were supported, reflecting positive governance initiatives.

Executive Commentary from AGM

The company's strategic focus on diversification and disciplined capital investment has enabled it to continue delivering for its customers. In FY24, Ridley's Bulk Stockfeeds segment grew by leveraging its scale and efficiency, while Ridley Direct sales doubled. The Packaged Feeds and Ingredients Segment expanded through the acquisition of Oceania Meat Processors, enhancing its product portfolio for the global pet food industry.