Despite a catastrophic flood forcing it to shut its ice cream factory in early 2022, Norco delivers a $9.1 million profit for 2022-23 — up $0.2 million.
Despite a catastrophic flood forcing it to shut its ice cream factory in early 2022, Norco has delivered a $9.1 million profit for 2022-23 — up $0.2 million.The dairy cooperative paid its suppliers a record milk price for the yearIt has done so while paying its farmers a record milk price for the dairy cooperative of 87.08 cents per litre, with the increase costing an additional $30 million.
"So we've had to make a number of changes in our business, which has driven some better results for the cooperative." "Now we've grown all areas of our business, our retail, agri-solutions business, our feed mill business, our milk business."Its branded milk sales volume grew by 7.8 per cent and its value by 18.1 per cent.
While Mr Hampson would not comment on the final cost of the rebuild, Norco had estimated in mid-2022 that it would be in the vicinity of $60m–$70m.The co-operative was awarded a $34.7m anchor business support grant from the federal and NSW governments to assist with the rebuild, with $21.38m received and accounted for during the 2022-23 year.
"Previously that site, if it had a 12.2m flood, which is 1974 flood height, you would be down for a couple of days whilst you clean up the yards," he said.
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