Gina Rinehart’s Hancock Prospecting keeps title of biggest private Australian business, says IBISWorld

Gina Rinehart’s Hancock Prospecting remains by far Australia’s biggest private company after boosting revenue almost 4 per cent last financial year.

Mrs Rinehart’s powerhouse mining and agricultural business raked in $14.9 billion in 2023-24, according to IBISWorld’s Top 500 list, as major revenue raiser iron ore pushed past $US140 a tonne earlier this year.

Prices has since tumbled to under $US100/t as Chinese steel giants warn of a “severe winter” to come amid an ongoing housing slump across the Middle Kingdom.

Outside of her iron ore interests that include Roy Hill, Hope Downs and Atlas Iron, Mrs Rinehart has been busy over the past year amassing a stake in numerous WA lithium and gas assets. She also has a vast agribusiness empire that takes in cattle holdings, joint venture S. Kidman and Co. and Bannister Downs Dairy.

She also owns iconic Australian fashion labels Rossi Boots and Driza-Bone.

The IBISWorld list revealed total revenue across Australia’s largest 500 unlisted businesses grew over the 12 months, but at a slower rate than the previous year, according to The Australian.

Analysts say total revenue for the companies was up 7 per cent to $359.9b — but that was a fraction of the bumper 20.3 per cent hike recorded the previous year.

The Australian reported average revenue by company rose by an estimated $719.7 million, up from $672.6m in 2022-23. Almost 90 per cent of businesses recorded higher revenue, up from 75 per cent the previous financial year.

The average rise in revenue for a company was 7.6 per cent, down from 10.7 per cent in 2023 as stubbornly high inflation and interest rates hamstrung the economy.

Victoria-based cardboard box company Visy came in second on the list, with revenue up 3.4 per cent to $9.9b, followed by NSW-based gold and precious metals group Pallion, which increased revenue a staggering 37.3 per cent to $9.4b.

United Petroleum came in fourth with revenue of $7.6b and WA grain farmer co-operative CBH Group held its place at 5th despite revenue falling 3.6 per cent from a year earlier to $6b.

Online gambling entrepreneur Laurence Escalante’s VGW Holdings also held steady at 6th with revenue up an impressive 12.6 per cent to $5.4b.

The Perth-based businessman with a love of fast cars owns 70 per cent of US-focused VGW. The company is one of Australia’s fastest growing businesses, after booming demand for its digital poker machines and card games during COVID-19 restrictions in the US ignited revenues.

Rounding out the top 10 were health fund HCF (revenue up 8.1 per cent to $4.1b), logistics company Linfox (up 5.5 per cent to $3.9b), South Australian family business empire Peregrine (up 8.8 per cent to $3.8b) and east coast-focused Hutchies Builders (up 8.5 per cent to $3.4b).

Family-owned Chemist Warehouse — which is in the midst of an $8.8b takeover by Sigma Heealthcare — just missed out on a top-10 berth despite revenue rising 8.4 per cent to $3.9b.

Other private companies to make the top 50 included Spotlight (15th), accounting firm EY (20th), RACQ (21st), BMD Group (30th), WA-headquarter health insurance provider HBF (35th), WA builder and developer ABN (43rd), and Brisbane Catholic Education (50th).