Brickworks (ASX:BKW) declares record underlying NPAT of A$285M in FY21

Highlights

  • Brickworks has recorded an underlying Net Profit After Tax (NPAT) of AU$285 million for the year ended 31 July 2021. This indicates an increase of 95% to what was recorded in the prior year.
  • Value of WHSP stake rose AU$1.2 billion during the year.
  • Fully franked final dividend of 40 cents per share represents an increase of 1 cent.

ASX-listed construction giant Brickworks Limited (ASX:BKW) announced a record underlying Net Profit After Tax (NPAT) of AU$285 million for the year ended 31 July 2021. The NPAT recorded this year is an increase of 95% than the previous year.

The Company declared its FY21 results today along with the sustainability report.

In its FY21 results, the Company reported:

  • Statutory NPAT AU$239 million, down 20% compared to the previous year.
  • Value of WHSP stake rose AU$1.2 billion during the year, currently valued at AU$3.4 billion.
  • Net value of Property Trust (50% share) increased AU$184 million to AU$911 million, buoyed by strong structural tailwinds.
  • Underlying earnings before interest, tax and depreciation (EBITDA) from continuing operations stands at AU$453 million, indicating an increase of 61%.
  • Including depreciation and amortisation, EBIT values AU$383 million, an increase of 86%.
  • Fully franked final dividend of 40 cents per share represents an increase of 1 cent. This takes the full-year dividend payment to 61 cents per share, fully franked.

Brickworks has declared a final dividend of 40 cents per share, continuing a 45-year record of maintaining or increasing dividends. The record date for the final dividend is 3 November 2021, with payment on 24 November 2021.

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The announcement stated that the WHSP merger with MLT helped Brickworks become the largest shareholder in Australia’s leading investment house.

The stock BKW opened 2.349% higher, trading at AU$25.045 per share at 10:20 AM AEST.

Bottom Line

Taking into account the record underlying earnings for this period, the Company has called it an exceptional year of asset growth. Besides, on a per-share basis, the Company’s asset value has increased by 149% over the past ten years; this level of asset backing provides considerable support to Brickworks current share price.

Overall, the results indicate that Brickworks is in a strong position, with a diversified portfolio of attractive assets.

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