Select Harvests has delivered a strong turnaround in its FY25 financial results, reporting a net profit after tax of $31.8 million, up from just $0.9 million in FY24. The uplift was underpinned by higher global almond prices, operational efficiencies, and tighter cost controls.
EBITDA rose 81 per cent to $82.4 million, while operating cashflow surged to $118.6 million, enabling the company to cut net debt by half to $79.1 million. Earnings per share increased to 22.4 cents. No final dividend was declared, with the board prioritising continued balance-sheet repair.
Snapshot
- NPAT of $31.8m (FY24 $0.9m) – up $30.9m;
- EBITDA1 of $82.4m (FY24 $45.4m) – up 81%;
- Net debt of $79.1m (FY24 $162.3m) – down 51%;
- Almond crop of 24,903MT (FY24 29,527MT) – down 16%;
- External grower crop of 7329MT (FY24 10,520MT) – down 30%;
- Almond price of $10.18/kg (FY24 A$7.69/kg) – up 32%;
- Operating cashflow of $118.6m (FY24 $9.5m) – up $109.1m;
- Earnings per share of 22.4 cents per share (FY24 0.74 cents per share); and
- No final dividend declared for FY25.
Managing director and CEO David Surveyor said the result reflected progress across the company’s strategic pillars, with profit contributions now more balanced across horticulture, processing, and sales.
Despite a smaller almond crop of 24,903 tonnes – down 16 per cent on the prior year – Select Harvests benefited from an average almond price of A$10.18/kg, a 32 per cent increase. Strong global demand, improved sales relationships, and direct supply arrangements helped the company achieve a premium over industry benchmarks.
The company continued to push efficiency improvements at its Carina West processing facility, which is nearing completion of an expansion that will lift capacity to 50,000 tonnes for FY26. Capital works underway are also expected to deliver an additional 3 per cent yield increase through kernel recovery from the hull and shell stream.
Surveyor flagged ongoing cost pressures from water, bees and fertiliser but said mitigation programs were in place. He added the outlook for global almond markets remained positive, supported by declining US acreage, lower Californian yields, and international demand for healthy snacks and high-quality protein.
Select Harvests is not forecasting its 2026 crop size yet but says preparations are well advanced, with a “generally positive” bloom and strong order book positioning the company for the new season.
