RFM Poultry ARSN 164 851 218

RFM Poultry (RFP) is a large scale chicken broiler farm operator with experienced management.

With RFM having managed the assets since 2003, the Fund undertakes chicken growing activities for Baiada Poultry and Turi Foods. RFP listed on the National Stock Exchange (NSX) in March 2014. RFM is the responsible entity of RFP.

Benefits of an investment in RFP include:

  • Regular income through quarterly distribution payments
  • Portfolio diversification through an investment in the poultry industry without direct exposure to chicken meat and feed prices
  • Investment liquidity

NSX Announcements

Fund overview

RFM Poultry (RFP) operates large-scale chicken broiler farms under long term growing contracts with Baiada Poultry Pty Ltd and Turi Foods.

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Fund Overview

RFM Poultry (RFP) operates large-scale chicken broiler farms under long term growing contracts with Baiada Poultry Pty Ltd and Turi Foods.

RFP’s highly experienced managers oversee the growing of approximately 30 million birds per annum, making it one of Australia’s largest chicken growers. RFP carries out its chicken growing activities in poultry farms situated in Griffith, New South Wales and Lethbridge, Victoria that it leases from Rural Funds Group (RFF).

Importantly, RFP does not own any chickens, and does not have any direct exposure to the chicken meat price. Baiada and Turi supply the day old chicks, necessary food and other inputs, and then collects the chickens for processing once they reach marketable weight. The payment that RFP receives under the contractual arrangements is based on the size of the chicken growing facilities that RFP leases and not on throughput.

RFP’s scale and investment in the latest technology produces an efficient operation that achieves competitive grow-out times and feed conversion rates.

The Fund was established from a demerger with the RFM Chicken Income Fund (CIF) in December 2013 and listed on the National Stock Exchange (NSX) in March 2014.


RFM Poultry (RFP) leases and operates the poultry farms owned by Rural Funds Group (RFF).

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Assets / Operations

RFM Poultry (RFP) leases and operates the poultry farms owned by Rural Funds Group (RFF).

Figures 1 and 2 detail the number of sheds on each poultry farm.  The sheds range in age from eight to 32 years and all sheds provide a reasonable level of comfort, particularly heating and cooling for the chickens as they move about the sheds. All sheds are fully automated with farm managers able to monitor and modify temperature, humidity, food and water supplies quickly and easily. An extensive maintenance program undertaken by RFP ensures the sheds remain in good condition and are economically efficient to operate. RFP also adopts a policy of ensuring each shed is inspected three times daily to observe the chickens. These frequent inspections assist farm managers monitor the status of each shed, specifically the health and comfort of the birds.

Griffith Farms

Griffith, New South Wales (NSW), is one of the major chicken meat producing regions in Australia. The Griffith farms are located within eight kilometres of the Baiada processing plant and are the primary contributor to that plant.

Baiada’s processing plant is supported by 234 sheds, growing approximately 43 million birds per annum. RFP leases 134 of these sheds and is integral to the throughput. The processing plant supplies chicken meat to the NSW and Australian Capital Territory markets.

Figure 1: RFP poultry farms – Griffith
Property No. of sheds Shed area (m2) Total farm area (m2)
Farm 53a 10 1,863 18,630
Farm 53b 10 1,620 16,200
Farm 54 10 1,620 16,200
Farm 55 10 1,620 16,200
Farm 56 10 1,620 16,200
Farm 57 10 1,236 12,360
Farm 58 10 1,500 15,000
Farm 63 10 1,500 15,000
Farm 64 10 1,500 15,000
Farm 65 10 1,500 15,000
Farm 66 10 1,500 15,000
Farm 67 12 2,924 35,088
Farm 68 12 2,958 35,496

Lethbridge Farms

The Lethbridge farms are located north west of Geelong, Victoria, and comprise of four farms consisting of five sheds each. The Lethbridge farms supply chickens to Turi Foods.

Figure 2 shows summary information for the Lethbridge farms.

Figure 2: RFP poultry farms – Lethbridge

Property No. of sheds Shed area (m2) Total farm area (m2)
Farm L1 5 2,958 14,790
Farm L2 5 2,958 14,790
Farm L3 5 2,958 14,790
Farm L4 5 2,958 14,790

Financial information

RFP Distribution History

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Financial Information

RFP Distribution History

Record Date Reinvestment Date Cash Payment Date Distributions Paid
(per unit)
Franking Credits Total Gross
29/06/2018 N/A 31/07/2018 $0.025125 $0.010768 $0.035893
29/03/2018 N/A 30/04/2018 $0.025125 $0.010768 $0.035893
29/12/2017 N/A 31/01/2018 $0.025125 $0.010768 $0.035893
29/09/2017 NA 31/10/2017 $0.025125 $0.010768 $0.035893
30/06/2017 NA 31/07/2017 $0.025125 $0.010768 $0.035893
31/03/2017 NA 28/04/2017 $0.025125 $0.010768 $0.035893
29/12/2016 NA 31/01/2017 $0.025125 $0.010768 $0.035893
30/09/2016 NA 28/10/2016 $0.025125 $0.010768 $0.035893
30/06/2016 NA 29/07/2016 $0.025125 $0.010768 $0.035893
31/03/2016 NA 29/04/2016 $0.025125 $0.010768 $0.035893
31/12/2015 NA 29/01/2016 $0.025125 $0.010768 $0.035893
30/09/2015 NA 30/10/2015 $0.025125 $0.010768 $0.035893
30/06/2015 30/07/2015 30/07/2015 $0.025125 $0.010768 $0.035893
31/03/2015 15/04/2015 15/04/2015 $0.025125 $0.010768 $0.035893
30/12/2014 15/01/2015 15/01/2015 $0.025125 $0.010768 $0.035893
30/09/2014 15/10/2014 15/10/2014 $0.025125 $0.010768 $0.035893
30/06/2014 NA 16/07/2014 $0.0331 NA $0.0331
4/04/2014 NA 15/04/2014 $0.0331 NA $0.0331
31/12/2013 NA 24/01/2014 $0.0331 NA $0.0331

1Total distribution, including franking credits

RFP Net Asset Values

Date RFP Net Asset Value (NAV) per unit
31/12/2017 $1.12
30/06/2017 $1.13
31/12/2016 $1.14
30/06/2016 $1.11
31/12/2015 $1.08
30/06/2015 $1.09
31/12/2014 $1.03
30/06/2014 $0.97
31/12/2013 $0.97

RFP is a result of a demerger with the RFM Chicken Income Fund (CIF) on 19 December 2013. The NTA as at the day of the merger was $6.8m.

Investor information

Information on investor communications and related resources

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2nd April 2018

RFM Poultry invests in solar energy for Victorian farms

James Powell, RFM’s General Manager, Investor Relations and Marketing, recently spoke to the Finance News Network about the installation of solar panels on the Victorian poultry farms operated by RFM Poultry (NSX: RFP), as well as the recently released 2018 half year financial results.

11th December 2015

RFM Poultry (RFP) Investor Update

As 2015 draws to a close, Rural Funds Management (RFM) is pleased to present an update to RFM Poultry (RFP) investors.

13th March 2014

RFM Poultry Results and Presentation

RFM Poultry (RFP) will release its first half FY2014 results on Friday 14 March 2014 and list on the National Stock Exchange (NSX) on Monday 17 March 2014.