LIC Reports Reduced Profit Amidst Tough Conditions

Livestock Improvement Corporation (NZX: LIC) ended the 2023/24 financial year with no debt and a modest profit, despite facing challenging conditions. The company reported a total revenue of NZ$267.3 million, down 3.3% from the previous year. Net profit after tax fell significantly to NZ$7.7 million, a 71.7% decrease from last year's NZ$27.4 million. Underlying earnings also dropped 41.6% to NZ$13.9 million. A dividend of NZ$8.3 million, or 5.84 cents per share, was declared, alongside an earlier NZ$18.5 million special dividend. Despite these financial setbacks, LIC continued to invest in research and development, with a 14.2% increase to NZ$21.2 million. Key investments included methane research for low-emission cows and a heat tolerance breeding program.

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