Andrew and Nicola Forrest’s agricultural investment company, Harvest Road Group, has reported a big surge in annual profit to $7 million after a restructure combined the family’s expansive pastoral stations with their Harvey Beef business.
Saudi Agricultural and Livestock Investment Company is expected to invest heavily in a livestock and grain production operation in Western Australia’s Wheatbelt, after settling on its acquisition of a 200,000-hectare parcel of land bought from the Nicoletti family.
Wellard has sold its Wongan Hills feed mill, and Baldivis Pre-Export Quarantine lease in Western Australia, as well as its Condah Pre-Export Quarantine facility in Victoria, to Ausvision Rural Services.
Western Australian farmers remain the most confident in the nation, but they are entering 2019 with lowered expectations following last year’s bumper season, according to the latest Rabobank Rural Confidence survey.
Five years after being the subject of high profile police raids and multiple charges, the legal saga facing three Perth business people is over due to failures of the prosecution deemed “totally unacceptable” by the judge.
Wellard has posted a $2.9 million profit for the six months to December, up from a $7.4 million loss in the previous corresponding period, and its first profit since listing on the ASX over three years ago.
The state government and the Grains Research and Development Corporation have signed a $48 million scientific partnership for research into Western Australia’s grainbelt soils and boosting grain production for local growers.
The state government and the Western Rock Lobster Council have reached a comprise on the future of the industry, with the annual catch to increase by just 315 tonnes. However, details of how this will be delivered to the local market have not yet been worked out.