Costa Group founder surges up Australia’s rich list

May 18 , 2017

Frank Costa and his family have moved up 52 spots in this year’s Financial Review Rich List, with a rise in the Costa Group (ASX: CGC) share price driving his total wealth up to AUD$538 million (US$399.4 million). 

The 79-year-old has continued to be a major shareholder since the company’s initial public offering (IPO) in 2015, when it floated at a price AUD$2.25 (US$1.67) per share.

At the time of writing shares were trading at AUD$4.48 (US$3.33) each. 

A large part of that rise has come since an upgraded FY2017 profit forecast in November last year, along with a tie-up with Macquarie Agricultural Funds Management that later resulted in the acquisition of Avocado Ridge in December.

The company continues to advance with its joint venture berry projects in Morocco and China, while the group has also notched a sharp rise in citrus exports and a solid domestic performance across its fresh produce portfolio.

Ranked 132 on the list, the non-executive director highlighted the growing potential for avocado consumption in Australia and he also focused on the importance of the property business he had built up for his daughters. 

www.freshfruitportal.com

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