ABB Grain has posted a half-year profit of $33.6 million, an almost 80 per cent improvement on the same time a year ago. The company has upgraded its full year profit forecast by $3 million according to the company managing director Michael Iwaniw.
He says the company’s main business divisions, including malt and grain
marketing, played a vital role in the strong results. “We have adopted a
vertical integrated business model in our objective to become Australia’s
premier integrated agribusiness,” he said.
“We are continuing to build
that model, we believe that model is a successful business model for agriculture
and we believe that it will enable us to become the number one player in the
agricultural space in Australia.”
ABB is forecasting a better
second-half profit of up to $38 million.