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18 November 2021 AA CO THE ART OF AUSTRALIAN BEEF ASX / Media Announcement AACO posts positive interim result Operating Profit of $ 30.0m vs $ 23.5m * pcp Net Statutory profit after tax of $ 83.2m vs ( $ 1.7m ) loss * pcp Overall 9 % increase in Wagyu meat sales price per kilogram vs pcp driven by strategic market allocation and continued execution of Branded Beef Strategy - Westholme and Darling Downs now represent 83 % of branded meat sales Further strengthening of the balance sheet as NTA increased by 7 % to $ 1.88 per share and net assets now exceed $ 1.1b Impact of lower calving rates from prolonged drought and Gulf flood continue , with meat sales volume down 8 % vs pcp consistent with broader industry decreases in slaughter rates * Includes $ 6.7m JobKeeper income Australian Agricultural Company ( AACo ) ( ASX : AAC ) has posted an improved operating profit of $ 30 million , driven by stronger operating margins compared to the prior period . The result was particularly positive , in context of the reduced meat volumes sold due to the historical impacts of drought and the Gulf flood event . Managing Director and CEO Hugh Killen said it demonstrated the strength of AACo's business in what is still an uncertain operating environment . " What's especially pleasing is how we achieved the result , with higher margins in - market and growing brand awareness , " he said . " Overall , the business delivered a 9 per cent increase in average meat sales pricing compared to the previous period , driven by strategic market allocation and the continued execution of our branded beef strategy . " The result was also supported by higher cattle sales margins on the back of record high market prices . " Commercial Overview Mr Killen says strategic market allocation was a key factor in the result , underpinned by AACo's strong brand portfolio and distribution partnerships . " Westholme and Darling Downs now represent 83 per cent of total branded meat sales , further demonstrating progress against strategy , " he said . " AACO has continued to adapt to fluctuating market dynamics . Those adjustments have helped drive 55 per cent branded sales growth in North America vs pcp . " There is strong demand for high value loin and rump cuts in North America , supporting an average branded meat sales price per kilo increase in the region of 33 per cent vs pcp .