Fertiliser company Ballance Agri-Nutrients has paid $78.9 million to its farmer shareholders - a record for the company.
The distribution combines a rebate averaging nearly $61 per tonne of fertiliser purchased and a dividend of 10 cents per share, and is 21 percent higher than last year's price of $60.83.
Company revenue to the end of May was $921 million dollars after sales of 1.55 million tonnes of
Ballance's chief executive Larry Bilodeau said demand for fertiliser lifted during the year with the then high dairy payout forecasts, improving red meat returns, more maize crops and farmers moving to improve pastures after drought conditions.
He said news of a lower milk payout by Fonterra, will have an effect over the next year.
Mr Bilodeau said Ballance is looking to increase its number of shareholders, which currently stand at about 19,000.