• Net profit after tax of $488,714, a significant turnaround from prior year loss
• Estimated 2025 harvest expected to be 750,000 to 825,000 litres, a substantial increase
• Positive operating cash flows of $1.7 million, used to build balance sheet resilience

Australian Agricultural Projects Ltd has reported a strong financial performance for the six months ended 31 December 2024. The company recorded a net profit after tax of $488,714, a significant turnaround from the prior year loss of $172,040. The principal drivers of this result were the estimated 2025 harvest being greater than the prior year, largely due to it being an 'on' year in the biennial cycle of the orchard, as well as a revaluation of the land and bearer plants. The company also reported strong positive operating cash flows of $1.7 million, which it is using to build additional resilience in the balance sheet following the funding of the replanting programme. Orchard operations have been favourable, with good growing conditions and a focus on improved reliability through the maintenance programme. The company expects the 2025 harvest to be in the range of 750,000 to 825,000 litres, significantly greater than the 551,500 litres harvested in the prior year. This reflects the first time since the commencement of the replanting programme in 2018 that all of the orchard will be in commercial production. The company also notes that the international price for olive oil has been extremely strong over the past year, benefiting the pricing of its oil sales.

The company expects the 2025 harvest to be in the range of 750,000 to 825,000 litres, significantly greater than the 551,500 litres harvested in the prior year.

As the younger trees mature, the company expects yields to continue increasing. The company also notes that the international price for olive oil has been extremely strong over the past year, and it expects this to continue for several seasons until supply returns to more normal levels.