Australian Agricultural Company website claims the company, established in 1824, is the oldest continuously operating company in Australia. And there I was thinking that medal went to Australia Post.
The company basically has properties, feedlots and farms comprising around 6.4 million hectares Queensland and the Northern Territory which equates to roughly 1% of Australia’s land mass.
On Tuesday, CEO Hugh Killen pulled the pin after 4 years at the helm. COO Dave Harris will sit in the big seat while a search is made for a replacement.
Board Chair, Donald McGauchie put out some appreciative words about droughts and floods but finished with a positive of making the company leaner, more efficient and cashflow positive. Probably not that surprising as Killen spent his career before AACo in banking.
Unlike most of the market this year, AACo has been on an upward trajectory. That said, this is is one I am more likely to consume the products than invest.