Net Assets

I don't understand this company.
Pulls in profits (admittedly much less than in the past, and coming into an el nino period won't help). But it keeps the lights on with about $4m after tax and close to $10m EBITDA. Got a tonne of net tangible assets (net assets of $128m). But only a market cap of $30m!?!?

What am i missing? I have read a few posts about the board being more interested in growers than their directors' duties of maximising shareholder value, are they incompetent? Is there a risk of the company slipping into the red through a drought period and eating into their balance sheet?

Boz