Cobram Estate Olives Ltd
ASX:CBO
Cobram Estate Olives Ltd
Cobram Estate Olives Ltd. engages in farming of olive and producing of olive oil. CBO is a producer and marketer of extra virgin olive oil. The firm's brand portfolio includes Cobram Estate, Red Island, Boundary Bend Estate, Tree of Life, Wellgrove, Stone & Grove, Modern Olives, Oliv.iQ, Olive Wellness Institute. The Company’s flagship brand is Cobram Estate, which provides a range of products including Premium Essentials and Infused oils which are distributed, together with Ultra-Premium and luxury Limited Release products including First Harvest available for online purchase. CBO operates in Australia and the United States of America (USA).
Cobram Estate Olives Ltd. engages in farming of olive and producing of olive oil. CBO is a producer and marketer of extra virgin olive oil. The firm's brand portfolio includes Cobram Estate, Red Island, Boundary Bend Estate, Tree of Life, Wellgrove, Stone & Grove, Modern Olives, Oliv.iQ, Olive Wellness Institute. The Company’s flagship brand is Cobram Estate, which provides a range of products including Premium Essentials and Infused oils which are distributed, together with Ultra-Premium and luxury Limited Release products including First Harvest available for online purchase. CBO operates in Australia and the United States of America (USA).
Strong Sales Growth: Cobram Estate reported 21% sales growth for the year, reaching $169 million, with increases in both Australian and USA businesses.
Profitability Up: Statutory EBITDA rose 63% to $40.8 million, driven by a high crop year and improved results in the USA.
Cash Flow Record: Operating cash flow hit a record $54.1 million, up 60% from last year, supporting growth investments.
USA Turnaround: The USA division saw a major turnaround, shifting from an EBITDA loss of $4.7 million to a profit of $2.9 million.
Positive Outlook: Management expects continued sales momentum, benefiting from a global olive oil shortage and high competitor prices.
Dividend Announced: The board intends to pay a $0.033 per share dividend in December 2023.
Cost Pressures Managed: Key Australian input costs like water, fertilizer, and electricity remain contained, with water prices well below historical averages.
