Genetics Australia is poised for more growth on the back of the successful joint venture with the URUS group.
The Genetics Australia Co-operative (GAC) annual report released at Camperdown on May 14 shows the Co-operative recorded a profit of $466,571 for the six months ending December 31, 2024, along with an equity increase of $1.36 million.
The financial year has changed to follow a calendar year in line with joint venture partner URUS.
GAC leases land to Genetics Australia Holdings (GAH), the joint venture company established in partnership with URUS.
Chairman John Pekin said the good financial result was due to a strong performance by GAH and the equity increase stemmed from a positive revaluation of properties.
“From a shareholder’s point of view, this is a wonderful result and affirmation of our decision to join forces with URUS,” he said. “We can see the implementation of the services and technology having a real effect on productivity and efficiency.”
Joint venture profits are being used to build up reserves in support of the anticipated expansion of operations.
John said the GAC board would continue to protect and grow its strong asset base. “We are fully invested, both strategically and financially, in making Genetics Australia the global leader of grazing genetics.”
Following the AGM, there have been no changes to director positions. John Pekin continues as Chairman, and Tim Humphris remains Deputy Chairman. The GAC representatives on the GAH Board also remain unchanged, with Trevor Henry and Jonny O’Brien continuing in their roles.
