Listed Australian olive oil grower and processor Cobram Estate Olives, has recorded a 21 percent year-on-year boost in sales, to $169 million for the last financial year as its foray into the US pays off.
The majority of the sales – $117 million – were from its Cobram Estate brand – the top-selling olive oil in Australian supermarkets – and its newer Red Island brand, which collectively rose by 17 percent.
Sales of Cobram Estate in the US surged 69 percent and turnover in the market reached $43 million, up by 46 percent.
In a results presentation, the company reported a higher-yielding crop last year to 12.5 million litres, offset by a lower margin as the price of producing packaged goods rose.
However, looking forward, the company says the Australian olive oil crop is down this year, however, it still expects to have sufficient oil for its packaged goods targets.
“The sales outlook remains positive, benefiting from a global shortage of olive oil and record high global prices of European olive oil flowing through to both Australia and the US,” the company said.
Established in 1988, Cobram Estate Olives is Australia’s largest producer and marketer of premium quality extra virgin olive oil and owns more than 2.6 million olive trees across 7000ha of farmland in Victoria, and a further 334,000 trees on 558ha in California.