Ag News

Rifa Salutary $7.23m profit

  • By: Farm Tender "Prime"
  • Sep 11, 2017

Rifa Salutary, the Australian arm of China’s global manufacturing and investment giant Zhejiang Rifa Holding Group, has announced its highest profit since its inception in 2014.

The company reported a net profit of $7.23 million for the 2017 financial year up from $4.64 million in the previous corresponding period. Underlying profit hit $16.32 million, up from $7.43 million in the prior year.

Rifa Salutary chief executive David Goodfellow said ‘‘It’s a very pleasing result for us, particularly given we absorbed significant costs of stamp duty and [Foreign Investment Review Board] fees as we acquired 11 new properties during the year,’’ he said.

During the financial year Rifa Salutary purchased four adjoining properties near Nundle in NSW – Middlebrook Park, Apple Tree, Kooroon and Keeva for $60 million.

The group also purchased four adjoining properties near Warialda in NSW – Highland Plains, Stonefield, Avondale and Durkin’s for $15 million and snapped up two properties in the lower Mallee of Victoria – Kulwin Park and McNicholl’s for $9 million. Most of t...
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