6 NZX Stocks Buzzing With Interim Results- PGW, MCY, SUM, AFI, SKT, TLL

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Summary

  • Interim Results are of prime importance as they reflect the monetary health of a company.
  • Mercury declares fully imputed interim dividend and remains focused on sustained growth.
  • Summerset saw an increase of 6,200 residents in December 2020 and scored high on residents’ satisfaction.

Interim results of any company are of high importance because the numbers depicting in the duration of less than a year highlights the Company's financial health before the end of the regular financial reporting period.

The six-month report helps convey a company’s message to its stakeholders, by providing them with the updated records be it related to financial or businesses.

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Let’s have a look at some NZX-listed stocks that have declared their interim reports on 23 February 2021.

PGG Wrightson Limited

NZ’s agriculture company, PGG Wrightson Limited (NZX:PGW), has declared robust results for half-yearly FY21, ending 31 December 2020.

Some of the highlights from the same are as mentioned below:

  • During the period, the Company’s sturdy balance sheet noted $499 million in operating revenue, up 6%.
  • Increase in NPAT amounting to $18 million up 41% on pcp, which was $12.8 million in 1H20.
  • Declaration of 12 cps of fully imputed interim dividend to be paid on 24 March 2021
  • Operating EBITDA stood at $42.1 million, up 21% on pcp, which was $37.4 million in 1H20.
  • Impressive performances noted in the Company’s retail, real estate, and livestock divisions.
  • Reduction in net interest bearing debt to $39.2 million was noted for the period, which was down 34% on pcp.
  • The Company has increased the promotion of its ‘Go-Stock Offering’, as it has surplus capital to assist the growth of its Go-Stock Livestock Grazing Programme.
  • With the launch of its e-commerce channel in June 2020, on-farm hybrid bidr® auctions coupled with continuous improvement and investment in R&D has enabled PGW to introduce new and sustainable products and solutions in NZ’s primary sector.
  • With the roll-out of the vaccination programme across New Zealand, the Company remains optimistic and has declared full-year Operating EBITDA guidance of around $57 for 2021.

ALSO READ: PGG Wrightson (NZX:PGW) Hits $499 Million Six Month Revenue

On 23 February 2021, at the time of closing, PGW stock was up by 5.95% at $3.56.

Mercury NZ Limited

The country's electricity generation entity, Mercury NZ Limited (NZX:MCY), announced its half-yearly results ended 31 December 2020 on 23 February.

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Here are a few pointers from the 6-month report:

  • Mercury witnessed an increase in EBITDAF standing at $294 million, up $36 million on pcp
  • NPAT was enhanced to $130 million, up $47 million, which is attributed to its higher EBITDAF and gain on the sale proceeds of Hudson Ranch 1 and a power station in California.
  • Declaration of fully imputed interim dividend of 6.8 cps to be paid on 1 April 2021.
  • There was a decrease in operational expenditure amounting to $87 million, decreasing $7 million on pcp.
  • MCY's capital expenditure amounted to $148 million, up $54 million.
  • The Group would continue its construction work on Turitea wind farm, which is supposed to be completed by mid-2023.

ALSO READ: Why Mercury NZ’s (NZX:MCY) share price on an upward path?

Earning Guidance

  • Mercury stays focused on sustained growth and improvement and seeks to announce an EBITDAF of $30 million in FY22.
  • Its EBITDAF guidance for FY21 has been reassessed to $520 million from $535 million, which can be attributed to an expected decrease in hydro generation due to dry weather in the Taupo region.
  • There has been a revision in the stay-in-capital expenditure of FY21 to $70 million from $80 million due to deferred non-urgent investment.
  • MCY’s ordinary dividend guidance for FY21 is 17 cps, reflecting a growth of 7.6% on FY20.

On 23 February 2021, at the time of closing, MCY stock was down by 3.61% at $6.150.

Summerset Group Holdings Limited

Summerset Group Holdings Limited (NZX:SUM) is presently one of NZ’s largest provider of aged care and developer of retirement villages.

Source: Copyright © 2021 Kalkine Media Pty Ltd

On 23 February 2021, the Group announced its financial results for the year ended 31 December 2020. Some of its key highlights are as follows:

  • SUM declares an underlying profit of $98.3 million for FY20, down 7% on FY19. This can be attributed to an increase in employee wages and expenditure to keep its residents safe from the pandemic.
  • NPAT stood at $230.8 million, up 32% on the pcp.
  • The Group announced a final dividend of 7.0 cps for FY20 payment of which would be made on 22 March 2021.
  • The Group saw a growth in assets amounting to $3.9 billion, up 17% on FY19.
  • Further, delivery of 356 new units in FY20, which was up from previous year’s 354.

There has been an increase in the Summerset’s residents from 5500 in December 2019 to 6200 in December 2020. It has also opened set up next-generation construction in Christchurch and Hamilton to name a few. SUM maintained sustained performance with 96% occupancy in its care centres.  

  • Summerset saw 32.6 % Gearing ratio, down from 33.3% in FY19.

On 23 February 2021, at the time of closing, SUM stock was up by 1.75% at $12.790.

Australian Foundation Investment Company Limited

Focusing on giving attractive investment returns to its investors, Australian Foundation Investment Company Limited (NZX:AFI) declared its Half Year Results ended 31 December 2020 on 22 February.

A few highlights from the six months report are as mentioned below:

  • Profit for the 1H FY20 amounted to $84.1 million, decreasing by 42.4% on pcp, which was attributed to COVID 19 related challenges.
  • Fully franked interim dividend was declared for the 6-month period at 10 cps, same as pcp.
  • During the reported period, the share price saw an increase from 2% premium in June 2020 to 10% premium by December 2020.

ALSO READ: AFI's stocks sparkle despite Company's faded performance

On 23 February 2021, at the time of closing, AFI stock was up by 1.05% at $7.700.

Sky Network Television Limited

NZ’s broadcaster and telco, Sky Network Television Limited (NZX:SKT) declared its interim results  on 23 February 2021.

Some of the key points from the same are as following:

  • The Company witnessed a slight decrease in revenue from $384.8 million to $356.9 million for the six months ended 31 December 2020.
  • There was a rise in EBITDA amounting to $116.3 million, up by 30%.
  • A remarkable increase in NPAT was noted at $39.6 million from $11.9 million, up 234%. There has been a decrease of 18% in operating expenses, amounting to $242.8 million.
  • Further, SKT saw a decrease of 18% in operating expenses, amounting to $242.8 million from $295.1 million.
  • The Company will remain focused on sustaining and protecting its Sky Box customer base, thus strengthening its revenue, and providing value addition to all its stakeholders.

ALSO READ: Why Are These 5 Stocks Making A Splash On NZX- MOA, CMO, PGW, CGF, SKT?

On 23 February 2021, at the time of closing, SKT stock was down by 4.40% at $0.174.

TIL Logistics Group Limited

One of the country’s biggest private domestic freight and logistic entities, TIL Logistics Group Limited (NZX:TLL) announced its half-year Results ended 31 December 2020.

The highlights from the 6-month report are as follows:

  • During the reported period, sales revenue rose from $173.9 million in 1H20 to $179.2 in 1H21.
  • Total Income increased to $181 million in 1H21 from $175.3 million in 1H20.
  • Further, EBITDA saw a growth of $32.9 million from $23.8 million in pcp.
  • There has been a cautious decrease in capital expenditure amounting to $3.6 million on pcp’s $6.9 million due to COVID-19 related challenges.
  • No interim dividend has been announced for the 6-month period. However, the final FY21 dividend will be declared based on business operations and financial health of the Group.

ALSO READ: Sailing through rough seas: A peek into NZX-listed logistics stocks - TIL, QEX

On 23 February 2021, at the time of closing, TLL was up by 1.96% at $1.040.

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