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Highlights:
- Goodman Group (ASX:GMG) released its 1H2023 results on 16 February 2023, post which the stock traded higher on ASX.
- In 1H2023, the company’s operating profit came in at AU$877 million, up 11.5% annually.
- Total assets under management (AUM) came in at AU$79.5 billion, increasing 17% on pcp.
Goodman Group (ASX:GMG), the largest commercial and industrial property group listed on ASX, released its results for 1H2023 ended 31 December 2022, on Thursday, 16 February 2023.
Goodman’s operating profit came in at AU$877 million, growing 11.5% on 1H2022. Meanwhile, its Operating EPS was at 46.4 cents, up 10.7% on 1H2022. Operating EBIT was at AU$947.6 million, up from AU$858.9 million in 1H2022.
Goodman’s 1H2023 statutory profit was recorded at AU$1,097 million (encompassing the company’s share of valuation gains, non-cash items and derivative and mark-to-market movements), decreasing from AU$2,002.8 million in 1H2022.
The company said its business is performing better than expected. So, as a result, it expects to report full-year operating EPS growth of 13.5% as against its earlier guidance of 11% growth.
The property management group said its total assets under management (AUM) grew by 17% annually to AU$79.5 billion. During the first half period, AU$1.4 billion of revaluation gains were made throughout the company and partnerships.
Portfolio occupancy was robust at 99.0%, and like-for-like net property income (NPI) growth was 4.2%. Development work in progress (WIP) grew 9% on 1H2022 to AU$13.9 billion.
Goodman Group (ASX:GMG) interim dividend
The company has declared an interim dividend distribution of 15 cents per GMG share (unfranked). GMG shares went ex on 29 December 2022 for this dividend, and the record date for this dividend was 30 December 2022. The dividend will be paid on 24 February 2023.
Outlook
GMG is hopeful its AUM growth will continue, led by development activity, growth in rentals and acquisitions, which will offset the expansion in cap rate. Although the economic outlook seems uncertain now, the company said its strong balance sheet and retained earnings provide it with liquidity and the financial resources to pursue growth opportunities.
For the current financial year, Goodman Group expects to achieve 13.5% growth in operating EPS, as compared to its earlier guidance of 11% growth. The company forecasted its full-year FY23 dividend to be 30 cents per share.
GMG shares reacted positively to the earnings announcement and guidance upgrade.
| Company Name | Market Price (AU$) |
Market Cap (AU$) |
Yearly Return (%) |
Dividend Yield (%) |
PE Ratio (x) |
YTD (%) |
52W High (%) |
52W Low (%) |
|
|---|---|---|---|---|---|---|---|---|---|
| GOOD GROUP STAPLED [GMG] | 20.23 | 38.042B | -14.87 | 1.51 | 11.12 | 14.11 | 25.24 | 15.57 | |
*Data powered by Morningstar®. Data delayed 20 minutes unless otherwise indicated. Read More
as of 16/02/2023, 04:24:18 PM AEDT
