Mackay Sugar delivered its Annual General Meeting to shareholders yesterday, announcing a positive financial result driven largely by a strong market, improved industry collaboration and the ongoing significant investments supported by its major shareholder, Nordzucker AG.
Chairman Michael Gerloff, said that despite a season marked by extraordinary wet weather events and mill performance concerns, Mackay Sugar achieved a $41.7M profit during the 2022/23 fiscal year.
“Off the back of a solid crop estimate Mackay Sugar has taken action to maximise some of the opportunities created by strong market conditions and our focus on diversifying our customer base to create value, sustainably, through our entire value chain,” said Mr Gerloff.
“The significant capital and maintenance investment made throughout the financial year – totalling more than $83M – highlighted that the things we fix, work,” explained Mr Gerloff.
“However, unforeseen breakdowns are a reminder there is still much to do to bring the factories to a level that consistently meets our operational excellence expectations,” he said.
“It is under such difficult conditions like we saw last year that helps us really appreciate the strength of the sugar industry in this region and what can be achieved via good collaboration,” remarked Mr Gerloff.
“Nordzucker has reaffirmed its ongoing support for Mackay Sugar - and the Australia sugar cane industry - and it is important we maintain our focus on costs to ensure the continued funding of capital investments is balanced by ensuring we remain a profitable business,” he said.
CEO Jannik Olejas, thanked the employees of Mackay Sugar for their dedication throughout the year and especially called out that a significant improvement in Health and Safety performance has been achieved across the business.
“The health and safety of our people has been a big focus for us in recent years,” said Mr Olejas.
“At present, we have the best results in the Australian industry. We are responsible for maintaining our high standards to ensure everyone gets home safely every day and that our improvement continues to be maintained in the years ahead,” he said.
During the financial year, Mackay Sugar produced more than 700,000 tonnes of raw sugar and exported more than 104,000 MWh of green energy to the national electricity grid via its cogeneration plant located at Racecourse Mill.
2023 AGM Chairman Michael Gerloff
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