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QSL AGM details strong results and new focus

QSL’s Chairman, Guy Cowan

Queensland Sugar Limited (QSL) held its 2021 Annual General Meeting in Brisbane on Friday 22 October, using the forum to detail its strong results from the past financial year and current efforts to create new value for members.

QSL Chairman Guy Cowan told the meeting that the past year has been another successful one for QSL, with the Marketing division posting a record Shared Pool result, while QSL Operations provided safe and efficient terminal services and a reduction in operating costs for the fourth consecutive year.

Mr Cowan said that during the past year QSL had made it a strategic priority to find the opportunities within the new operating environment shaped by the COVID-19 pandemic, and this drove a number of corporate objectives, both during the past financial year and FY22.

He said that while the QSL Marketing division’s pricing products and platforms were market leaders, it was imperative that new revenue and value streams were cultivated.

“The global shift towards social and environmental sustainability continues to change the playing field for agriculture, and as Australia’s most experienced and innovative sugar marketer, QSL is uniquely positioned to help producers harness the emerging opportunities in this space,” he said.

“Identifying new revenues in the ESG stream is an intrinsic part of both our corporate strategy and our ongoing commitment to the long-term prosperity of our industry, and I look forward to sharing our progress with you next year as our efforts take shape.”

Mr Cowan said the pursuit of continuous improvement and seeking out new opportunities to capture value were also key to the QSL Operations team’s success.

“As the long-term provider of terminal management services for the Queensland sugar industry, QSL’s Operations team has a lengthy track record of excellence,” he said.

“Operating on a cost-recovery-only basis, our efforts not only help to maximise the value returned to industry, but are also pivotal to protecting Queensland’s reputation as a reliable provider of high-quality raw sugar. The past year was no exception in this regard, with the QSL Operations team despatching 99.1% of shipments in full, on time and within specification, an excellent result.”

QSL’s highlights for the FY21 reporting period included:

QSL MARKETING

  • QSL remained the largest marketer of Australian raw sugar, despatching 43 export shipments to customers during the financial year
  • Record 2020 Shared Pool of +$31/t IPS (weighted average), incorporating Loyalty Bonus
  • QSL pricing pools surpassed the performance benchmark by +$39/tonne IPS net
  • The US Quota Pool was QSL’s best performing pool, returning $702/tonne IPS net
  • The February 2020 Guaranteed Floor Pool was QSL’s best-performing ICE 11 Pool, returning $493/tonne IPS net
  • The QSL App was expanded to offer a number of new features, including payment information and payment notifications
  • Increased finance facility flexibility was secured

QSL OPERATIONS

  • Zero recordable injuries during the period
  • Reduced operating costs
  • 99.1% of deliveries made in full, on time and in specification
  • Unloaded 48,948 trucks and 47,798 train wagons of raw sugar around the state
  • Loaded 3.52 million tonnes of sugar for shipment

Mr Cowan’s full AGM speech as well as Chief Executive Officer and Managing Director Greg Beashel’s presentation from the meeting are both available on the QSL website (www.qsl.com.au).

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