Farmers Will Get Double Whammy From Top Year

9 June 2002

Ballance Says Farmers Will Get Double Whammy From Top Year

New Zealand’s leading fertiliser company Ballance Agri-Nutrients Ltd says its record sales year which concluded on 31 May will flow into farmers’ pockets.

Ballance Market Development Manager Peter Mourits, says the Company’s strong financial performance was to a degree, the result of record sales volumes driven in part by price reductions in December for some of its major products.

“We reduced a number of key product prices mid season in December to deliver an immediate benefit to farmers during the peak autumn season rather than wait until the purchasing season was all but over. In the end, this underpinned a record year for us and obviously a very satisfying one for our customers.”

Mr Mourits says there will be a double whammy for Ballance Agri-Nutrients Co-operative Ltd's 17,400 farmer shareholders as the Ballance Group’s good result will allow the Co-operative to also pay a healthy rebate and dividend for the year. Almost all of the customers of Ballance Agri-Nutrients Ltd d are shareholders in the Co-operative.

“We will be again reviewing our pricing on July 1 and it is highly likely that with the strengthening of the NZ$ over recent weeks, further significant price reductions are on the cards providing more savings for farmers.”

Mr Mourits expects Ballance Agri-Nutrients Co-operative Ltd to announce its audited full year result and rebate in late July.

About Ballance Agri-Nutrients Ltd

Ballance Agri-Nutrients Ltd, New Zealand’s leading manufacturer and marketer of fertiliser, brings together the identities of four iconic regional fertiliser businesses – Northland Fertiliser, BOP Fertiliser, Petrochem and SouthFert – to create a national business renowned for the quality of its products and the knowledge of its people.

With more than 450 employees, Ballance Agri-Nutrients Ltd produces and sells nearly 1.4 million tonnes of product annually, creating a turnover of around $400 million. Its leading products include superten, pasturemag, pasturezeal and New Zealand’s premium urea product, n-rich urea.

Through its links with Norsk Hydro, the world’s largest fertiliser producer, which owns 20 per cent of its business, Ballance Agri-Nutrients Ltd also has access to the products and knowledge generated by Hydro Agri´s Research and Development projects.

Ballance has three phosphate manufacturing plants located at Mount Maunganui, Invercargill and Whangarei and it also operates New Zealand's only ammonia urea plant at Kapuni, in Taranaki. Its head office is situated in Mt Maunganui.

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