How are Sunland’s (ASX:SDG) shares faring post AGM update?

Shares of Australia-based development company Sunland Group Limited (ASX:SDG) were on the rise today. Sunland’s share price gained 0.404% and was trading at AU$2.480 per share on the ASX as of 12:20 PM AEDT, 16 November.

The increase in Sunland’s share price appears to be following the company’s annual general meeting (AGM) results published yesterday (15 November).

Meanwhile, the benchmark S&P/ASX 200 Real Estate sector gained 14.4 points in today’s (16 November) trading session, totalling 3,044.1 points at 12:20 PM AEDT.

In the last five trading sessions, Sunland’s shares have gained 0.40% while jumping 3.77% in the previous one month. On the contrary, the share value of Sunland has dropped 7.46% in the last six months, alongside declining 9.82% on a year-to-date (YTD) basis and 8.82% in the past year.

Insights from Sunland’s AGM results

The AGM report concluded key takeaways from the company’s FY22 results, such as:

• Sunland’s statutory net profit after tax (NPAT) was AU$92.6 million in FY22, up from AU$24.9 million from the previous corresponding period (pcp).
• As per the ASX filing, the company reported an increase in earnings per share, up from 19 cents in FY21 to 70 cents in FY22.
• For FY22, the company’s total value of fully franked dividends was 37 cents per share (cps). This included a special dividend of 10 cps, which was paid on 13 January 2022, an interim dividend of 12 cps paid on 17 March 2022, and a final dividend of 15 cps paid on 15 September 2022.
• A special fully franked dividend of 30 cps paid on 28 July 2022 was attributable to FY23, as mentioned by Sunland.
• The company handled 328 settlements worth AU$554.2 million during FY22.
• The group’s consolidated net tangible assets (NTA) per share for FY22 was AU$2.60, an improvement from AU$2.34 in FY21.

Determining delivery and settlement schedules for Sunland's active projects, as well as its remaining inventory and other assets was on the agenda for its annual general meeting. The company's strategic goal is focused on quickly and appropriately returning net assets to shareholders.

Details about Sunland’s special dividend

On 15 November, Sunland notified shareholders of a special dividend of 60 cents per share. According to the ASX filing, this dividend was scheduled to be paid when the debt notes were redeemed. After redeeming the debt notes on 31 October, the group has now paid off all its external debt facilities.

FIIG Securities Limited oversaw Sunland Group's intention to redeem the AU$50 million debt notes. The debt notes' maturity date is 31 October 2024, and they bear interest at a rate of 6.2% annually, due every quarter.