Farmlands has posted a $5.4million net profit before tax for the 2016-17 year, rebounding from the previous year's $9million loss.
In the annual report, chief executive Peter Reidie and chairman Lachie Johnstone said it was a ''solid result''.
They acknowledged the decision not to issue a year-end bonus rebate to shareholders would cause disappointment.
It was primarily a fiscal measure designed to ''position Farmlands for our next period of growth'' and the aim was to reinstate it next year.
Two goals had been set for the 2017 financial year - a return to profit and to align the business with a refreshed strategic direction - and the company had ''succeeded on both counts''.
''This is on the back of a challenging 2015-16 and it is pleasing to see our co-operative re-emerge with a profitable bottom-line and a renewed sense of direction for further growth,'' they said.
Since January 2016, debt had been reduced from $106.2 million to $66.1 million. Revenue was up slightly from $2.1 billion to $2.16billion this year.
While the financial turnaround was partly due to overall improving market conditions, a ''decisive range of measures'' played a significant role in the improved performance.
That had included reducing the company's cost base, exiting from unprofitable businesses, managing its mix - finding the right balance of offering and inventory - and reducing its debt servicing cost.
The turnaround demonstrated Farmlands was ''heading in the right direction''. However, the challenge now was to keep on the growth course it had successfully chartered this year.
Dawn Sangster, from Ranfurly, who is standing in this year's Farmlands director elections said the company still had more work to do to realise the benefits of its merger with CRT in 2013.
Areas for improvement included training and support for staff in sales and technical excellence and leading change in the digital retail age.
She also wanted to see Farmlands ''work harder'' to understand the needs of shareholders and earn their support and trust.
Murray Donald, of Winton, who is also standing, was part of a business culture shift while a director at FMG.
That proved to be better for all aspects of the company ''with the ripple effect being that everyone was just happier and more effective in the business''. He believed it was something Farmlands could benefit from. Its annual meeting will be held in Eskdale on November 7.