Landcorp says a good growing season has boosted its half-yearly earnings.
The country's biggest farmer has announced a 31% increase in its net operating profit, to $11 million.
That was driven by an increase in commodity prices, including meat and dairy, and good grass growing conditions in spring and summer.
Chairman Jim Sutton says the profit will help to offset a predicted drop in demand for agricultural products, due to uncertainties in the global economy.
Landcorp expects to pay the Government a dividend of $15 million for the 2012 season.