The Australian Agricultural Company will keep raising wagyu prices across markets around the world.Credit:William Meppem
Statutory net profits slumped by 96 per cent to $4.6 million,which Harris attributed to softer cattle prices forcing the company to write down the book value of its herd in its accounts. The business “decouples” the price of live cattle from the performance of its branded beef products.
Despite the lack of dividend,shareholders seemed pleased with AACo’s performance,sending the share price more than 10 per cent higher in early afternoon trading.
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Brisbane-headquartered AACo is the country’s largest cattle herd operator,owning around 6.4 million hectares,or 1 per cent,of Australia’s total landmass.
More than half of the company is held by billionaire Joe Lewis,a British investor with a net worth of $7.7 billion who owns Premier League soccer team Tottenham Hotspur.
Iron ore billionaire and mining magnate Andrew ‘Twiggy’ Forrest has an 18.5 per cent stake.