New Zealand's largest farmer, Landcorp, chalked up a $55 million annual profit compared with an $18 million loss last year.
That reflects record milk prices, a recovery in other agricultural prices, higher production and favourable weather.
Landcorp's record result for the year ended June reflected a 37 percent jump in sales to $242 million - milk sales jumped 70 percent to $129 million.
Chief executive Steven Carden said although dairy prices will probably be lower this year, various business decisions taken in the year just past means the company can approach the coming year with confidence.
He said Landcorp was very focused on its productive capacity and efficiency.
New partnerships with landowners, such as the Hauraki Collective, have strengthened its productive capacity and provided economies of scale while new technology is helping to reduce costs and streamline decision-making.