The strong result for the year ending September 30 compares very favourably with the 2007 full-year net profit of $7.3m.

ABB will pay a final dividend of 14 cents per share to shareholders on 7 January 2009, with a record date of 17 December 2008.

This brings the total dividends for the year to 21 cents per share.

ABB Grain managing director, Michael Iwaniw, said the 2008 full-year result was at the upper end of a revised profit guidance issued to the market on October 17.

That guidance forecast an NPAT of between $47m and $49m.

"This result further supports the ABB strategy of diversification, growth and development of an integrated business model," he said.

"The full-year profit is a pleasing result, delivered despite a below average harvest in 2007.

"ABB has been able to establish a strong balance sheet with reductions in working capital along with further reduction in its cost base."

ABB's grain marketing division lifted its earnings before interest and income tax (EBIT) to $65.9m, or a 539pc increase on last year’s performance.

"The strong customer relationship that our business has developed with clients in Australia and overseas has been tremendously beneficial in contributing to ABB's full-year result," Mr Iwaniw said.

"This relationship will continue to serve ABB well as we enter the deregulated wheat market.

"We are also exporting grain from Ukraine as a result of our joint venture with Soufflet, and have seen significant New Zealand proteins growth during the year."

The National Supply Chain division also recorded a 114pc rise in earnings contributing $15.8m (EBIT), while ABB's malting division – Joe White Maltings – contributed $35.8m or a 21pc lift on 2007’s performance.