Finbar Group (FRI) H2 2024 earnings summary

Executive summary

• Achieved total comprehensive income of $16.4 million for FY24, a significant increase from $2.8 million in FY23, driven by the completion and settlement of the Civic Heart project in South Perth.

• Declared a fully franked final dividend of 8 cents per share, resuming distributions after a period of capital retention.

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

• Continued focus on medium to high-density residential development in Western Australia, with a robust project pipeline and strong presales.

Financial highlights

• Total revenue for FY24 was $194.3 million, up from $34.0 million in FY23.

• Earnings per share rose to 6.1 cents from 1.15 cents in the prior year.

• Dividend of 8 cents per share declared for FY24, compared to no dividend in FY23.

• Cash and cash equivalents at year-end were $220.1 million, up from $18.2 million in FY23.

• Net assets increased to $256.5 million from $240.1 million.

Outlook and guidance

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

• Several approved developments ready to launch as market conditions allow, supporting future growth without immediate new site acquisitions.

• Focus remains on efficient project delivery, prudent capital management, and advocacy for policy changes to support the sector.