Agribusiness Ruralco Holdings' live export operations continue to grow as it ships more cattle to Vietnam.
Ruralco says that in fiscal 2015 it shipped more than 132,000 head of cattle and sheep to all destinations despite challenging international market conditions in the first half of the year.
"Our live export business continues to increase capacity with growth in exports to Vietnam mitigating the impact of the reduced Indonesian permit allocations for feeder cattle and the collapse in the export dairy market earlier in the year," Ruralco's newly appointed chief executive, Travis Dillon, said on Tuesday.
Ruralco will operate two live export vessels from January 2016.
The company said new markets in China, the growing Vietnam market, and a less volatile market in Indonesia will support strong sales for live exports over the next 12 months.
Ruralco on Tuesday reported a 33 per cent rise in annual net profit to $14.06 million for the 12 months to September 30.
Live exports contributed $10 million in gross profit compared to $4.5 million a year earlier.
A full-year contribution from acquisitions - including water services business Total Eden - and strong market conditions for agency services also helped boost profit.
Ruralco said there was a sustained, elevated demand for water entitlements across a number of farming sectors and from international investors.
Demand for water services and products is expected to remain strong, given volatile seasonal conditions and continuing investment by farmers in water infrastructure on their properties.
Ruralco's rural supplies business lifted its gross profit in fiscal 2015 despite a prolonged dry spell in Queensland, Victoria and Tasmania.
Ruralco said that over the next year, challenging seasonal conditions in some regions could result in lower demand for farm inputs.
Agency services lifted its gross profit, led by strong prices for livestock and wool, and increased volumes.
The lower Australian dollar is expected to continue to benefit the wool, grain, livestock and rural real estate sectors.
Investors' appetite for agricultural properties is expected to continue.
Shares in Ruralco were eight cents lower at $3.50 at 1117 AEDT.
RURALCO PROFITS JUMP 33PC
* Annual net profit up 33pc to $14.06m
* Sales revenue up 18pc to $1.6b
* Final dividend of seven cents, fully franked, down from eight cents
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