Murray Cod Australia Hits Profit Milestone with 198% Biomass Surge

Record Growth and Profitability Mark FY25

Murray Cod Australia Ltd (MCA) has delivered a striking turnaround in its financial performance for FY25, reporting a net profit after tax (NPAT) of $8.6 million compared to a loss of $6.2 million the previous year. This milestone reflects the company’s successful execution of a multi-year growth strategy focused on expanding its biomass and operational infrastructure.

The company’s biological assets, representing the value of its farmed fish stock, more than doubled to $67.8 million, underpinned by a 198% increase in grow-out biomass to 2,481 tonnes. This surge validates MCA’s investment in selective breeding, feed optimisation, and pond infrastructure, positioning it well for sustained revenue growth.

Infrastructure Expansion and Operational Scale

FY25 saw MCA complete a major infrastructure expansion, now operating 128 ponds across four sites with a total production capacity of approximately 4,000 tonnes. The Stanbridge site alone accounts for 78 ponds, with 51 currently stocked and 27 ponds ready for stocking in spring 2025, ensuring full utilisation of production capacity.

This scale-up supports the company’s transition from an investment phase to commercial harvest and cash generation, with FY26 expected to mark a pivotal inflection point. MCA’s vertically integrated, land-based aquaculture model offers a controlled environment that mitigates risks common in wild fisheries, such as weather variability and predation.

Market Expansion and Certification Milestones

MCA is actively expanding its market footprint both domestically and internationally. Domestic sales channels are growing, with Woolworths expanding its presence from 68 stores and new frozen product lines introduced for foodservice. Export markets in Southeast Asia, including Singapore and Hong Kong, are active, while China registration for processed products is pending.

Key certifications have been secured or are in progress, including Halal approval granted in Q1 FY26, opening Middle Eastern markets, and Best Aquaculture Practices (BAP) certification expected in Q2 FY26, which will facilitate entry into supermarkets, hotels, airlines, and cruise lines. These credentials enhance MCA’s premium positioning and support price premiums in both domestic and export markets.

Financial Strength and Strategic Outlook

Financially, MCA has strengthened its balance sheet by securing a $43 million facility with Westpac, replacing previous financing arrangements and providing capital for continued growth. Despite a negative operating cash flow of $16.9 million in FY25 due to biomass investment, the company holds $0.4 million in cash plus $16.4 million in undrawn facilities, ensuring liquidity as it scales harvest operations.

Looking ahead, FY26 is poised for accelerated revenue growth, with Q1 volumes up 69% year-on-year and sales more than doubling in September. The company aims to harvest over 1,000 tonnes from current inventory, focusing on premium-sized fish commanding higher prices. Product innovation, including Aquna Gold caviar and smoked offerings, is planned to further diversify revenue streams.

Sustainability and Competitive Edge

MCA’s land-based aquaculture model offers significant environmental advantages, including low water usage, nutrient recycling through irrigation, and biosecurity controls that reduce disease risk. The company’s commitment to sustainability is reflected in its certifications and circular economy initiatives, such as reusing pond water for farmland irrigation and minimizing organic waste.

With global whitefish quotas tightening and demand for sustainable, premium seafood rising, MCA’s native Australian Murray Cod is well positioned to capture market share domestically and abroad. The company’s strategic focus on quality, traceability, and environmental stewardship aligns with evolving consumer preferences and regulatory trends.