AKE, PME: How have these two ASX growth shares fared in March?

Highlights

Growth stocks grow at a faster rate compared to their peers in other categories.

These stocks have managed to give decent returns to their shareholders despite COVID-19 and Omicron.

However, investors should be cautious of the fact that these stocks generally distribute lower dividends than others.

Growth stocks belong to companies with comparatively higher sales and earnings growth than peers in other categories. These stocks attract investors due to their high growth potential. These stocks have managed to give decent returns to their shareholders despite COVID-19 and Omicron. Investors would expect the ASX-listed growth stocks to continue their strong performance in 2022 as well.

(However, investors should be cautious of the fact that these stocks generally distribute lower dividends than others)

On this note, let’s discuss how these two ASX-listed growth shares have performed in March:

Allkem Ltd (ASX:AKE)

Allkem, formerly known as Orocobre, is an Australian mineral resources company based in Brisbane. It is a global supplier of lithium carbonate and boron with resources mainly situated in Argentina.

The stock gave a return of nearly 18% in the past month. The share price is down over 2% on a year-to-date (YTD) basis.

The Allkem Group produced a consolidated net profit after tax of US$13.0 million for the half year ending 31 December 2021, compared to a loss of US$29.1 million in the corresponding period last year.

Net assets of the Group increased to US$2,756 million as on 31 December 2021 including cash balances of US$450 million.

Pro Medicus Ltd (ASX:PME)

Pro Medicus provides healthcare imaging software and services to hospitals, diagnostic imaging groups and other health related entities.

The stock gave a return of over 3% in the past month. The share price is down over 22% on a year-to-date (YTD) basis.

During the first half of FY2022, Pro Medicus reported a 40.3% rise in revenue to AU$44.33 million and a 52.7% surge in net profit after tax (NPAT) to AU$20.68 million. Pro Medicus’ board announced a 10-cent interim dividend, fully franked and 42.9% higher than its seven-cent interim dividend last year.

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