Brickworks (ASX:BKW) Shares Surge After FY24 Profit Beat

2 min read | September 25, 2024 07:59 PM PDT | By Team Kalkine Media

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Brickworks (ASX:BKW) Shares Surge After FY24 Profit Beat — Image source: @Jason Goh/Pixabay

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Shares of Brickworks Ltd (ASX:BKW), Australia's largest brick manufacturer, jumped as much as 9% to AU$28.98 in early trading today, marking their best performance since June 2021. At the time of writing, the company’s stock was on track for a remarkable session, driven by stronger-than-expected financial results for FY24.

Profit Beat Boosts Investor Confidence

Brickworks reported an underlying net profit after tax of AU$61 million for FY24, significantly surpassing the Visible Alpha consensus estimate of AU$32.3 million, according to Citi. The profit result, nearly double what analysts expected, has lifted investor sentiment and spurred a sharp rally in the company's shares.

Dividend Increase Signals Strength

In addition to the profit beat, Brickworks announced an increased final dividend of 43 AU cents per share, up from 42 AU cents per share in the previous year. The dividend hike is another positive signal to investors, indicating the company's confidence in its financial position and outlook.

Among the Top Gainers on the ASX

The strong performance of Brickworks shares placed the company among the top gainers on the benchmark ASX 200 index (XJO) during today’s trading session. The stock's impressive rise has further added to its year-to-date performance, with shares now up 3% for 2024, including today's gains.

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