Photo: Kara Tait Photography
Pāmu, formerly Landcorp, reported a net profit after tax of $120 million for the year ended June 2025, which will see it return a $15 million dividend.
It's a significant turnaround compared to last year, when the company posted a loss of $26 million.
Chief executive Mark Leslie said it's both a reflection of high commodity prices and improved productivity on farm.
"Use livestock as a really good example, two million kilos of extra product off those farms in the 12 months compared to the previous 12 months.
"So that's really a 20 percent uplift in productivity in that respect has been a key part of that driver as well.
"So no, it is absolutely a combination of pricing coming together with the focus we've had in terms of driving productivity and performance on those farms."
Leslie said Pāmu was targeting to increase milk and red meat production while keeping spending tight.
He said they anticipated good results in the coming year too.
It forecasted a net operating profit of between $69 to $79 million for the 2026 financial year - a $20 to $30 million increase on this year's.
"We have started this year really, really strongly.
"So all of the focus we've had around, use a dairy context, around six week in-calf rate has meant that for the start of the season, we are currently at 17-18 percent of milk up on the same time last year. So that's positive for this year.
"Livestock, we're carrying additional livestock from last year into this year. So that's setting us up well to have another strong year. I think if you talk to any of the major processors, they will reinforce there's still uncertainty out there.
"But I keep saying to our teams, control the controllables. And for us, that's controlling the farm performance. We can't control commodity prices.
"We can't control weather. So focus on the bits that we can control and make sure we're in a good position to take advantage of those commodity prices."
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