The organisation's annual general meeting, held at Surfers Paradise in south-east Queensland, was told the rural retail sector of the business performed strongly, with sales of $110.4m, representing a profit growth of 17pc to $2.8m.

But its agribusiness division was heavily affected by record high grain prices and the Australian dollar, which resulted in a downturn in feedlot activity in south-east Queensland.

Total milk intake remained steady at 116 million litres, although supplier numbers dropped off slightly.

"Average on-farm production rose 2.7pc which, in the difficult financial parameters our farmers worked within, is a remarkable result," chairman Greg McNamara said.