Australia’s biggest rice company has announced a 5.5 per cent profit increase as drought conditions ease.

SunRice’s net profit in the year to April 30 rose to $35.8 million, up from $33.9 million.

Chairman Gerry Lawson said the company’s Australian Rice Milling and Marketing business had moved beyond drought recovery to deliver increased returns for growers.

“Over the course of the financial year, SunRice has recaptured global markets, strengthened its operations and extracted additional operating efficiencies,” he said in a statement on Friday.

“We are very pleased with SunRice’s position two years post drought.”

Chief executive Rob Gordon said SunRice had enjoyed value and volume growth in the US and Hawaii markets.

The good news comes as paddy prices lift and the company posts a record dividend of 23 cents per share for B class shareholders, marking a 28 per cent increase.

Sales revenue was also up, rising by 6.8 per cent to $1.068 billion in fiscal 2013, from $1 billion previously.

Earnings per share was up one per cent to 57.9 cents.