Ann: GrainCorp Investor Presentation 1H23, page-4

'The Australian's' summary is unjustifiably (even if only slightly) negative because if the full FY23 guidance has been increased and becomes reality, the half yearly fall in NPAT isn't hugely relevant.

I don't perceive GNC had a 'weak half': this year's 1H is a comparison to absolutely outstanding two previous results. We can't expect Nirvana every year, and to have three consecutive excellent to very good harvests isn't unparalleled but it is relatively unusual.

GrainCorp upgrades guidance despite weak half

Valerina Changarathil

Agribusiness giant GrainCorp has lifted full year earnings and profit guidance despite a weaker first-half than the prior corresponding period.

Earnings before interest, taxes, depreciation and amortisation fell to $383m, down from the prior period's $427m. Profit was also lower at $200m, compared to $246m for the first half of FY22.

A first-half dividend of 24c, includes a 10c special payout, will be paid on July 20 – but is still steady on the return in the prior period.

Chief executive Robert Spurway said it was an "excellent result" with strong contributions from both its agribusiness and processing businesses.

FY23 guidance is now updated to EBITDA of $500m–$560m, up from its $470m-530m forecast in February. Net profit is likely to be between $220m and $260m, an improvement on earlier expectations of $180m–$220m.

"We are seeing good global demand for Australian grain and oilseeds and expect the strong export program to continue in the second half,” Mr Spurway said.