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.

• Total comprehensive profit attributable to owners was $9.37M for the six months ended 31 Dec 2024, up from $1.31M in 2023.

• Principal activities remained property development and investment, focusing on medium to high-density residential and commercial projects in Western Australia.

• No significant changes in the nature of activities during the period.

• Average sales value per unit has risen, reflecting increased sales of premium products in line with market trends.

Financial highlights

• Revenue rose to $218.3M from $6.5M year-over-year; gross profit increased to $25.4M from $5.8M.

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

• Net profit for the period was $9.37M, up from $1.49M; basic EPS was 3.44 cents, up from 0.55 cents.

• Net cash from operating activities was $158.2M, compared to an outflow of $102.9M in the prior period.

• $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.

• Major projects under construction: Garden Towers ($276.7m, 228 units under contract), Bel-Air ($113.2m, 128 units under contract).

• Construction of Garden Towers and Bel-Air projects progressing, with completions expected by FY26 and strong pre-sales achieved.

• Multiple future projects have received development approval, supporting a robust project pipeline.

• $281 million in pre-sales held, providing significant future settlement revenue.