LEASES, acquisitions and new plantings have more than doubled the area of almonds owned by Select Harvests.
The company this week announced a net profit after tax of $17.3 million, 3.2 per cent higher than the previous financial year, and plans to raise $48 million to further boost the area of company-owned or leased orchards.
Despite a 4.1 per cent drop in sales revenue, Select Harvests reported its almond sales rose more than 10 per cent.
This gave the company its best market share of the food category in four years, on the back of the strong performance of the Lucky brand.
The outlook remains positive with a stable almond market, strong prices and improved water allocations.
Select Harvests chief executive John Bird said: "The fundamentals of the global almond industry are very strong, with demand expected to outstrip supply within five years".
"Australia is well-placed to meet this demand and will soon be the second largest growing region in the world."
The area of company-owned or leased orchards more than doubled from 1454ha to 3474ha, and the first 808ha was planted at its 4040ha greenfield development site in Western Australia.
A 20-year lease was signed on 1210ha of orchards at Hillston, owned by Rural Funds Management, which were expected to yield their first crop next year.
