Australia’s biggest landholder, backed by Gina Rinehart, has posted a record $27.84 million net profit, amid soaring cattle prices and improved conditions across Australia following prolonged drought. The annual result for Australian Outback Beef, owned by Mrs Rinehart’s Hancock Prospecting and partner Cred Pastoral, also revealed the company had paid $6.5m in taxes for the year ending June 2020. Australian Outback Beef was $15.38m in the red in 2019, and posted a $6.2m profit in 2018, according to reports filed with the corporate regulator. The company, which paid $365m for the S Kidman & Co cattle empire in 2016, owns more than eight million hectares of cattle grazing properties across Queensland, NSW, the Northern Territory and WA. It had total assets of $411.3m for the year , which was up from $378.6m in 2019. Liabilities were $30.8m, up from $25.9m a year earlier. Directors, including former Federal Trade Minister Andrew Robb, did not recommend a dividend. Hancock declined to comment on the results. The strong financial results for the S Kidman portfolio follow Mrs Rinehart’s flagship Hancock Prospecting posting a huge $4 billion profit for the 12 months to June, on the back of buoyant iron ore prices and China’s insatiable demand for the commodity. There are 12 cattle stations in the S Kidman portfolio (including outstations), a bull breeding stud farm (Rockybank) and the Tungali feedlot, according to its website. In WA, Australian Outback Beef, which is 67 per cent owned by Mrs Rinehart, operates Ruby Plains in the Kimberley. Mrs Rinehart recently confirmed her agricultural portfolio was looking to divest several properties to focus on other opportunities in the industry. It is understood that Ruby Plains could be one of the properties that could be up for sale. Separately, Mrs Rinehart’s Hancock Agriculture company owns a suite of pastoral land, including Fossil Downs, Liveringa and Nerrima in WA’s Fitzroy valley. The WA billionaire is driving a campaign to push governments to slash red tape. She recently launched a “Change for Agriculture” initiative, asking people to submit — via a website — their experiences with problematic government tape, and/or tax burdens for those struggling with drought, fires or COVID-19. Responses close on December 12 and will be collated into a submission paper to government ministers.