SGM is on track to deliver another solid result… this is only possible with the support of our shareholders and suppliers
Welcome to the 2021 Macadamia Season
We will no doubt look back on 2020 as one of the more challenging years for a variety of reasons. It is with pleasure that as I write Suncoast Gold’s evolution continues and the changes we have made, and are planning to make, are adding value for our shareholders and suppliers even in these challenging times.
During 2020 we have faced uncertainty surrounding COVID-19, disrupted supply chains, demand fluctuations for kernel, challenging weather conditions and a volatile foreign exchange rate. Given all of these challenges SGM is on track to deliver another solid result at the end of our financial year, this is only possible with the support of our shareholders and suppliers.
One of the changes we will see in 2021 is a change in our financial year. The ATO and ASIC have approved the change of financial year to end on 31st of March 2021, rather than the traditional close of December 31st. This change will allow us to capture the majority of each season in one financial year as we anticipate we will be able to receive, process and sell the majority of our product in the period 1st April to 31st March in each year. In practical terms we will now move the date of our Annual General Meeting to the middle of the year rather than May, we will keep you updated as we get closer to the time.
It has been pleasing to hear of reports of significant rainfall over the last 2 months and the majority of feedback is the crop is developing well and yields above last season are predicted. While the rainfall has been very welcome I am aware of many growers who are yet to see recharge in their dams. The Bureau of Meteorology continues to forecast a wetter than average start to the year so I hope we get some runoff for those growers who need it most.
As part of the opening of the 2021 season, we are planning two key events in the coming weeks, the first will be a tour in the Bundaberg Region of some projects SGM has been involved in and the second will be an opening of the new roasting room and inspection of the upgraded dicing facility. Invitations will be sent out as these events are locked in.
Lastly the board is continuing to closely monitor kernel and NIS markets, along with the foreign exchange rates, in anticipation of the 2021 season offer. SGM remains committed to providing a competitive offer for our suppliers and I look forward to releasing this in the very near future.
Thanks to all our suppliers for their ongoing support.
General Manager, Suncoast Gold Macadamias
Suncoast Gold Macadamias (SGM) was established in 1985 as a macadamia grower co-operative. Our head office and processing facility are located in Gympie, Queensland, the birthplace of the global macadamia industry.