Record revenues set Rare Foods Australia up for a big year of growth

An emerging agribusiness based off Australia’s remote South-West coast is making waves in the worldwide ultra-premium food market, announcing record sales and revenue from its globally unique and sustainable abalone ranch.

An emerging agribusiness based off Australia’s remote South-West coast is making waves in the worldwide ultra-premium food market, announcing record sales and revenue from its globally unique and sustainable abalone ranch.

Through its core greenlip abalone business, Rare Foods Australia (ASX:RFA) is already tapping into expanding worldwide demand for food sourced ethically from regions with clean, green credentials. Now the company has plans in place to further grow its revenues by expanding its range and diversifying its markets with a strategy that sets it apart from smaller producers.

From its key operations in Augusta, 316km south of Perth, Rare Foods Australia has posted its highest ever sales revenues, which reached $1.26m in Q1 FY23. That’s up an impressive 24% on last year’s Q1. Revenue was supported by a record 22.7 tonnes of greenlip abalone selling at an average price of $55.70/kg whole in shell (WIS), up 8% on the average price achieved during FY22.

“These record results are a vindication of our growth and diversification strategy, and a testament to the premium quality of our products from the pristine South-West region of WA,” CEO Rob Jorden said.

“We’re growing the biomass of our core ‘Grange of the range’ greenlip abalone product through our R&D while pursuing other opportunities. These include other premium products that can help us harness the full potential our ocean leases, processing facility, and sales and marketing channels.”