- Brickworks (BKW) lays down a statutory net profit after tax of $239 million and announced a 40-cent dividend as part of its FY21 results
- The company’s underlying profit was even higher, reporting an underlying NPAT of $285 million — a 95 per cent increase
- The ASX-200 lister’s 40 cent final dividend represents a 1 cent increase and takes BKW’s full-year dividend to 61 cents
- The company expects the success to continue in FY22, noting there is unprecedented demand within its Property Trust
- Brickworks ended Thursday up 2.41 per cent at $25.06 each
Leading brick and paver manufacturer Brickworks has tabled its full year results, revealing a statutory net profit after tax of $239 million and an increased final dividend of 40 cents.
The statutory net profit after tax is 20 per cent down on last year, but the ASX-200 lister notes that FY20’s result included a large one-off profit from its Washington H. Soul Pattinson investment.
Brickworks’ underlying profit performed better, with the underlying NPAT totalling $285 million at the end of FY21— a 95 per cent increase year on year.
Additionally, underlying earnings before interest, tax and depreciation from continuing operations totalled $453 million, up 61 per cent.
Shareholders will share in the company’s success, walking away with a 1 cent increase in their final dividend to take the full-year dividend to 61 cents per share.
Commenting on the result, Brickworks Chairman Robert Millner said the company’s diverse portfolio was the key to its success.
“Brickworks’ business model is focussed on building a diversified portfolio of assets with increasing value.
“Therefore, in addition to delivering record underlying earnings, I am particularly pleased to report an exceptional year of asset growth for our Company.”
The Chairman explained BKW’s value in Washington H. Soul Pattinson increased to $3.4 billion, while its Property Trust value also jumped to $911 million.
“The value of our 39.4 per cent stake in WHSP increased by $1.2 billion over the period,” Mr Millner said.
“Adding the net asset value of our Property and Building Products assets, and taking into account net debt, the total asset backing is $4.8 billion.
“On a per share basis, our asset value has increased by 149 per cent over the past ten years, and now stands at almost $32. This level of asset backing provides considerable support for our current share price.”
Looking ahead, Brickworks Managing Director Lindsay Partridge said he expected strong demand from its Property Trust to help lift its results further.
“Development activity within the Property Trust is continuing at an unprecedented scale,” Mr Partridge said
Shares in Brickworks have ended Thursday’s trading session up 2.41 per cent, pushing its share price back above the $25 mark to $25.06 each.