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Highlights
- Select Harvests posts $28.7M half-year profit
- Cash flow improves by $30.7M
- Net debt reduced significantly
Select Harvests (ASX:SHV) has reported a sharp turnaround in its half-year financials, showcasing a strong recovery that could position the almond grower among noteworthy ASX200 performers. The company posted a net profit after tax of $28.7 million, reversing a loss of $2.4 million recorded during the same period last year.
Earnings before interest and tax surged to $60.7 million, up from $18.4 million in the prior corresponding period. This significant uplift was driven by robust international demand for almonds and tighter global supply, as inventories across major markets, particularly in California, remained constrained.
One of the notable aspects of the report was Select Harvests’ improved financial health. The company managed to slash its net debt to $168.2 million, reflecting prudent capital management. Furthermore, it generated a positive operating cash flow of $7.5 million, a $30.7 million improvement compared to the previous corresponding period.
Despite the healthy financial figures, Select Harvests opted not to declare an interim dividend. This decision may reflect a strategy to retain earnings and bolster balance sheet resilience in light of ongoing market uncertainties and tight supply chain conditions.
Almond production volumes remained steady, with the company benefiting from favorable pricing due to constrained global supply. International buyers continued to show strong interest, helping drive revenue growth even amid global logistical challenges.
Select Harvests’ latest performance could capture the attention of investors tracking ASX dividend stocks, even though a dividend was not declared for this period. The company’s return to profitability and disciplined financial positioning may contribute to longer-term shareholder value.
Given its resurgence, Select Harvests could also play a part in strengthening the broader S&P/ASX200 index, where strong mid-cap performers often help boost overall market sentiment.
Looking ahead, the company’s focus appears to remain on maintaining financial stability, capitalising on international market demand, and navigating the global almond supply dynamics. Its ability to manage costs while expanding its market footprint could keep it on the radar of investors monitoring agriculture and export-focused sectors on the ASX.
