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Highlights
- Cobram Estate is a vertically integrated olive farmer and marketer of quality extra virgin olive oil
- In FY24, CBO’s net profit after tax increased by 140.1% YoY to AUD 18.5 million
- McGavin (Robert Douglas Harry) has the highest stake in CBO with a shareholding of nearly 17.24%
Cobram Estate Olives Limited (ASX:CBO) is an Australia-based vertically integrated olive farmer and marketer of quality extra virgin olive oil. The company owns a portfolio of olive oil brands including Cobram Estate and Red Island.
In the financial year 2024 (FY24) ended 30 June 2024, the company recorded 34.8% YoY rise in its revenue from ordinary activities to AUD 227.78 million, underpinned by increase in packaged goods sales in the USA and Australia. The period saw a 63.4% YoY jump in EBITDA to AUD 66.7 million and 140.1% YoY increase in net profit after tax to AUD 18.5 million.
Growth prospects for Australian food stocks
The June 2024 quarter data released by the Australian Bureau of Statistics (ABS) showed that in the June 2024 quarter red meat production increased by 3.6% and chicken meat production surged by 5.4% in seasonally adjusted terms.
During the reported period, cattle slaughter grew by 2.8% to 2.0 million and beef production jumped 2.8% to 626,781 tonnes. Meanwhile, sheep slaughtered jumped 18.3% to 3.1 million and mutton production increased by 24.5% to 80,652 tonnes. The June 2024 quarter meat production data bodes well for feed sector stocks.
Recent business update
Through FY24 results update, the company informed that group olive oil sales grew by 34.6% YoY to AUD 220.9 million and olive oil production stood at 13.3 liters in FY24, combining output from both the USA and Australia.
Top 10 shareholders of CBO
The top 10 shareholders of CBO have around 38.06% shareholding in the firm. McGavin (Robert Douglas Harry) has the highest stake in CBO with a shareholding of nearly 17.24%, followed by Perpetual Investment Management Limited, which holds 5.44% stake in CBO.
Outlook
The company is optimistic about the olive oil sales in the USA and Australia in FY25, banking on worldwide shortage of olive oil and growing supply.
In FY25, the company expects a return to more normal olive crops in the Mediterranean region, which is expected to enhance olive oil levels in all markets over the upcoming 6-12 months.
Share performance of CBO
CBO shares closed 0.30% higher at AUD 1.670 apiece on 26 August 2024. In the last one year, CBO’s shares recorded a rise of 28.46% and in the last three months, the share price has dropped by 6.18%.
CBO’s 52-week high of is AUD 1.98, recorded on 2 April 2024, while its 52-week low is AUD 1.22, recorded on 24 August 2023.

CBO Daily Technical Chart, Source: EODHD/Others
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 26 August 2024. The reference data in this report has been partly sourced from EODHD/Others.






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