Australia’s largest landholder after it’s acquisition by the country’s wealthiest woman has turned a $6.2m profit. The company called Australian Outback Beef who acquired the S Kidman & Co portfolio, which included more than 8 million hectares of cattle grazing properties, is part owned by Gina Rinehart (two thirds) and her Chinese business partner Cred Pastoral (one third).
The financial report also records assets at $418 million in assets with only $29 million in liabilities indicating there is very little leverage or debt in the company. The accounts, while having a considerable time lag, are crucial in gauging the success of Ms Rinehart’s ambitious and controversial play in the Australian agricultural sector. The financial results for Ms Rinehart’s investment provide a promising outlook for the beef industry.
The Hancock family started their first cattle station in North West Australia, and founded the first port in the area at Cossack on the West Pilbara Coast to enable the cattle trade. Since then Mrs Rinehart has extensively grown the Hancock portfolio of cattle stations. Last year Hancock increased its portfolio with the $50 million plus deal in the Roma/Mitchell district of Queensland in what was understood to involve some 4750 Wagyu breeders and calves.
Article source: https://www.commercialrealestate.com.au/news/s-kidman-co-makes-profit-under-gina-rinehart/?utm_source=newsletter&utm_medium=email&utm_content=s1&utm_campaign=-2018-10-08