Finbar Group (FRI) H1 2025 earnings summary

Executive summary

• Strong sales momentum with 87 units sold FY25 to date, supported by both off-the-plan and completed stock sales.

• Net profit after tax of $9.4 million for the half year ended 31 December 2024, driven by strong selldown of completed, debt-free stock at Civic Heart, Aurora, and The Point.

• Major project settlements and ongoing construction contributed to revenue growth, with 593 apartments completed in 2024 across three major projects.

• Principal activities remained focused on property development and investment in Western Australia, with no significant changes in business nature.

• New construction commenced at Bel Air, and Garden Towers construction progressing on schedule.

Financial highlights

• Revenue for the period was $218.29 million, a significant increase from $6.49 million in the prior year.

• Average sales value per unit reached $1.17 million in FY25 to date, up from previous years.

• Gross profit rose to $25.38 million from $5.80 million year-over-year.

• Net profit after tax was $9.4 million for the half year to 31 December 2024.

• $192 million in debt-free completed stock is being sold down at an average of $13.3 million per month.

Outlook and guidance

• Pipeline includes $1.2 billion in projects, with $390 million under construction.

• Construction of Garden Towers and Bel-Air projects is progressing, with completions expected by FY26.

• Strong cashflows from completed stock sales expected to support new development opportunities.

• Development approvals received for Riverbank Apartments, Romeo, Palmyra West, and 6 Homelea Court, with future launches planned.

• Board expects to resume dividend payments later in the financial year, focusing on disciplined capital allocation.