• Net loss of US$2.3 million, reflecting extraordinary costs of US$5.1 million
• Significant improvement in operational performance, with 351.1% increase in Gross Profit Margin and 69.1% increase in Operating Profit Margin
• Completed sale of M/V Ocean Ute and announced sale of M/V Ocean Drover for US$50 million

Wellard Ltd reported a net loss of US$2.3 million for the half-year ended 31 December 2024, compared to a net profit of US$0.6 million in the previous corresponding period. This result includes a non-cash depreciation and amortisation expense of US$1.0 million and a US$5.1 million expense incurred to secure full and unencumbered ownership of the M/V Ocean Drover. Excluding these extraordinary costs, Wellard would have achieved a net profit of US$2.8 million, reflecting a significantly improved operational performance. The company's Gross Profit Margin increased by 351.1% to 39.7%, and its Operating Profit Margin increased by 69.1% to 29.8%. Wellard also completed the sale of the M/V Ocean Ute for US$12.0 million and announced the sale of the M/V Ocean Drover for US$50.0 million, subject to shareholder approval. The company's net debt position improved, with a 'negative net debt' of US$12.1 million as of 31 December 2024, and its working capital increased substantially by 53.5% to US$27.7 million.

There is no change in the outlook provided in Wellard's 2024 Annual Report. The market fundamentals in all four markets where Wellard has operated developed as expected, and there is no change in any of these four markets that necessitates a change in the company's outlook. With Wellard now a one-ship company, the focus will be on the South American export market to Türkiye and other Middle Eastern countries, and the breeder market from Australia (and New Zealand once that market re-opens for exports) to China.