This comes as GrainCorp posted an annual loss of almost $20m for the second consecutive year, with shareholders not receiving a dividend. AWB Ltd posted a net profit of $64.3m.

ABB Grain managing director Michael Iwaniw said diversification of the business had ensured the company could grow and turn out strong profits.

"We will continue to focus on further diversification, so we are less reliant on grain receivel in South Australia," he said.

He said the company's overseas ventures, including exporting grain from Ukraine and ventures in New Zealand had boosted the company's performance.

"In New Zealand, we've marketed in excess of 500,000 tonnes and our Ukraine mgrain marketing opeartions have handled in excess of 400,000t," he said.

ABB delivered a 48pc lift in revenue to $2.24 billion, on the back of strong contributions form all its business sectors.

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 result.

The national supply chain division also recorded a 114pc rise in earnings, contributing $15.8m (EBIT). These results came from a 23pc increase in storage and handling charges, better utilising labour and the mothballing of some silos.

ABB's malting division - Joe White Maltings - contributed $35.8m or a 21pc rise on 2007's performance.

Mr Iwaniw said the company was again contending with a below average harvest "for the third year in the past four".

"The implementation of our diversification strategy and innovative management of our storage and handling sites during below-average seasons will translate into ABB being able to achieve a materially better profit next year even though harvest receivals will again be below normal expectations," he said.

ABB Grain announced it would pay a final dividend of 14 cents per share, bringing total dividends for the year to 21c.