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Highlights
Metcash posted a rise of 5.9% in group revenue to AU$15.2 billion.
The underlying EBIT rose 17.7% to AU$472.3 million.
The board of Metcash also announced a final dividend of 11 cents per share.
Shares of Metcash Ltd (ASX:MTS) were racing higher on Monday as the company announced another record year, reporting stellar earnings in FY21. The ASX-listed wholesale marketing and distribution company posted a rise of 5.9% in group revenue to AU$15.2 billion and a 17.7% surge in underlying earnings before interest and tax (EBIT) to AU$472.3 million for the full year ending 30 April 2022.
In terms of profit, Metcash reported a 2.7% rise in statutory profit after tax (PAT) to AU$245.4 million. The underlying profit also rose 18.6% to AU$299.6 million.
The company also reported healthy sales growth in all its segments, with total group sales rising 8.6% in the first seven weeks of the fiscal year 2023.
RELATED ARTICLE: Backed by robust performance, Metcash (ASX:MTS) raises dividend by 31%
Dividend
The board of Metcash also announced a final dividend of 11 cents per share. It takes the total dividend for the fiscal year 2022 to 21 cents per share, representing, a surge of 22.9 cents on the corresponding period of last year.
What did Metcash’s management say?
Metcash Group’s CEO Doug Jones was upbeat about the results. It was his first year as Group’s CEO.
Metcash’s agreement with Goodman Group
The company also announced a long-term agreement with the property firm, Goodman Group (ASX:GMG). The deal was signed for the construction and leasing of a new wholesale distribution centre (DC) at Truganina, Victoria.
According to Metcash, the new centre has the potential to bring more improvement in the competitiveness of its independent retailers in Victoria by offering access to a wider range of products.
While the construction of the distribution centre is expected to start in FY23’s first half, the completion would be by mid-2024.
RELATED ARTICLE: What boosted Metcash’s (ASX:MTS) first half earnings
Metcash’s share price snapshot
Following these results, the shares of Metcash were trading at AU$4.48, up 8.47% at 10:26 AM (AEST). The share price has risen 0.22% on a year-to-date (YTD) basis. The share price has surged over 21% in the past one year. In the past one month, the stock gained nearly 6%.