- The first-half net profit of Brickworks Ltd surged significantly, supported by another strong contribution from the property assets.
- The statutory net profit after tax (NPAT) surged 22.4 per cent to A$71.2 million for the half year ended 31 January 2021.
- The company’s board also announced a dividend of 21 cents, up from 20 cents per share in the corresponding period last year.
The first-half net profit of Brickworks Ltd (ASX:BKW) surged significantly, supported by another strong contribution from the property assets. The statutory net profit after tax (NPAT) surged 22.4 per cent to A$71.2 million for the half year ended 31 January 2021.
The company’s board also announced a dividend of 21 cents, up from 20 cents per share in the corresponding period last year. The revenue fell 3.8 per cent to A$431.7 million. The underlying earnings before interest, tax and depreciation (EBITDA) declined to A$163 million from the prior corresponding period. The net debt stood at A$749 million.
Source: © Moth | Megapixl.com
Brickworks said that the performance across Building Products was not much affected by the coronavirus pandemic. However, with building activity in the key US non-residential market severely disrupted by the pandemic, reduced earnings were reported by the Building Products North America division.
What company says
Commenting on the earnings update, Brickworks managing director, Lindsay Partridge said that the company’s short-term outlook was positive, with the demand gathering momentum in recent months within Building Products Australia. However, significant uncertainty remained beyond the ongoing surge in activity due to stimulus-induced growth.
Source: © Alphaspirit | Megapixl.com
In North America, the company saw a robust recovery in demand during March, with improved weather and increased optimism of a stimulusled recovery. Since the daily order intake is now back to pre-pandemic levels, the company was confident that its North American operations would deliver improved earnings and growth going forward as conditions continued to normalise.
The company’s board announced a fully franked interim dividend of 21 cents per share, a rise of 1 cent on the prior corresponding period. The record date for the interim dividend is 13 April 2021, with payment on 28 April 2021.
On Wednesday, 24 March 2021, shares of Brickworks closed at A$18.91, up 0.12 points, or 0.64 per cent, against previous closing on Tuesday, 23 March 2021.