On the back of strong industry outcomes, the Genetics Australia group has posted a $861,210 after-tax profit from $16,829,051 revenue in 2021-22.
The co-operative’s revenue increased from $13,670,141 and the profit jumped from $191,511 the previous year.
Semen collection reached record levels with more than 1.2 million units produced during the financial year.
The group net assets remain strong at $16,617,669, an increase of $914,757 during 2020-21.
“From both financial and business performance perspectives, GA has had an exceptional year, reflecting the strong state of our livestock industries and the quality of our team and our products,” Genetics Australia chief executive officer Anthony Shelly said at the AGM on November 22.
He said much of the success had been driven by the purchase of TLG and the economies of scale and efficiencies resulting from that investment.
During the financial year, Genetics Australia completed the last part of its TLG investment with the $6.8 million purchase of an additional 485 hectares at Glenormiston.
The sale of the Parwan Park property at Bacchus Marsh was formally settled during the year, ending a historic connection to the region.
“This land was part of the foundation of Genetics Australia but the decision to concentrate and consolidate our operations in south-west Victoria is already paying dividends,” Mr Shelly said.
The co-operative retains an office with an administrative team and merchandising distribution on the Parwan Park South property.
“When we purchased TLG, we set an ambitious target of producing 100,000 units of semen per month and we have already surpassed that milestone, finishing the year in excess of 1.2 million units,” Mr Shelly said.
Genetics Australia also maintained its push into international markets, appointing STgenetics-New Zealand as its exclusive distributor in New Zealand and significantly expanding export markets in Pakistan.
Genetics Australia chairman Trevor Henry said GA should be proud of the cows it had helped develop in Australia during the past 65, but not rest on its laurels.
“While industry forecasts remain strong in the short to medium term, we remain exposed to the highs and lows of Australian agriculture as drought and floods will continue and competition will remain strong,” Mr Henry said.
He also highlighted Genetics Australia’s focus on sustainability in its product development and business operations.
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