Finbar Group (FRI) H2 2024 earnings summary

Executive summary

• Achieved total comprehensive income of $16.4M for FY24, up 490% year-over-year, driven by the completion and settlement of Civic Heart, Perth’s largest residential project outside the CBD.

• Revenue rose 472% to $194.3M, reflecting strong project settlements and robust sales pipeline.

• Declared a fully franked final dividend of $0.08 per share, resuming distributions after a period of capital retention.

• Maintained a strong cash position of $220M at year-end, with major construction debt repaid post-balance date.

Financial highlights

• Revenue: $194.3M (FY23: $34.0M), up 472% year-over-year.

• Net profit after tax: $16.6M (FY23: $3.1M), up 430% year-over-year.

• Earnings per share: 6.1c (FY23: 1.15c).

• Net tangible assets per share: $0.94 (FY23: $0.88).

• No dividends paid in FY24; final dividend of $0.08 per share declared for October 2024.

Outlook and guidance

• Ongoing strong demand expected due to chronic housing undersupply in Perth; only 2,016 houses and 914 apartments available for sale.

• Project pipeline valued at $1.1B, with several approved developments ready to launch as market conditions allow.

• Focus remains on efficient project delivery, prudent capital management, and advocacy for supportive policy changes.