Latest financial results for Waikato blue chip dairy company Tatua prove "location, location, location" is a desirability measure for milk supply as well as real estate.
The boutique company with a long export reach achieved record group revenue of $381 million and earnings of $151m for the year ended July 31, paying its local community of cooperative shareholder-farmers $8.70 per kilogram of milksolids cash.
On top of that it retained earnings of $1.26/kg - equal to $19.1m before tax - for reinvestment.
The 100-plus year old company's group earnings equated to $9.96/kg, before retentions for reinvestment and taxation, up on the previous year's earnings of $9.66/kg.
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Tatua invested $20.3m during the year in wastewater and engineering support services. It processed 15.15 million kilograms of milksolids.
Chairman Stephen Allen and chief executive Brendhan Greaney said gearing - debt divided by debt plus equity - averaged 27 per cent for the year, fractionally lower than the previous year's average.
Despite the uncertainty over Covid-19, the company was "cautiously optimistic" in its outlook for the new financial year.
Tatua, based at Tatuanui north of Morrinsville, has 107 shareholders who farm 37,000 dairy cows on a total of 10,000 hectares.
It employs 370 staff and exports specialised, value-added products to more than 60 countries.