BENGALURU: Australian agribusiness firm Graincorp on Monday said it expected fiscal 2022 profit to rise by at least 70% compared to last year, citing high global demand for Australian grain and oilseeds.

The company said it would also benefit from optimal weather conditions, which are expected to drive high summer crop receivals after it reported a record winter crop last month.

Graincorp said net profit after tax in fiscal 2022 would come in the range of A$235 million ($166.10 million) to A$280 million, compared to A$139 million posted in the previous year.

“The strong harvest, coupled with supply shortages and adverse weather conditions in the northern hemisphere is driving excellent global demand,” Chief Executive Officer Robert Spurwa said in a statement.