Don't think your comparing apples with apples. When you state 17% profit for Australia Outback Beef , looks like you've calculated profit as a percentage of revenue rather than percentage of Total Capital Value? If you did that with AAC, then an Operating profit of $30M from revenue of $143M gives a 21% profit.
Also, lack of reported information regarding Australian Outback Beefs performance in that article. They declared a profit of $11.5M - is that before tax or after tax, is it just operating profit, or does it include upgraded value of cattle herd and land value? AAC's operating profit for the half year was $30M, but when including upgraded herd value it totaled $83M (after tax).
Personally I think AAC is looking pretty good atm, cattle herd is increasing, cattle prices exceptional, and good recent rains should ensure no shortage of feed in medium term.
Ann: FY22 Half Year Media Release, page-14
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