Financial Results for the Year Ended 30 June 2024
Perth Markets Group Limited (PMGL) is pleased to announce the results of the Group for the full year ended 30 June 2024.
Despite a substantial increase in financing costs, and a challenging economic environment marked by high inflation and wage growth, PMGL reported an Underlying Pre-Tax Net Operating Profit of $21.958 million for the full year, reflecting a significant increase over the prior year.
Net profit after tax subsequently remained well above prior year also at $15.369 million for the full year ended 30 June 2024, inclusive of a loss on financial investments of $409,000.
A summary of key financial results and comparatives are provided in the table below:
Perth Markets Group Limited Financial Results Summary – FY2024
2024 ($ Thousand) | 2023 ($ Thousand) | % Change | |
PMGL Net Operating Profit | 7,202 | 7,374 | (2.3%) |
Fair Value Gain on Revaluation of Investment Properties | 15,515 | 246 | 6,207% |
Fair Value Loss on Revaluation of Financial Assets | (409) | 609 | (167%) |
Acquisition Related Costs | (350) | (342) | 2.3% |
Net Profit Before Tax | 21,958 | 7,887 | 178% |
Current Tax Expense | (1,725) | (1,834) | (5.9%) |
Deferred Tax Expense | (4,825) | (481) | 1,003% |
Under/Over Provision | (39) | (42) | (7.1%) |
Net Profit After Income Tax | 15,369 | 5,530 | 178% |
Total Assets at Balance Date | 292,667 | 275,084 | 6.4% |
Net Assets at Balance Date | 151,826 | 140,311 | 8.2% |
Net Equity per Share | $2.58 | $2.38 | 8.4% |
The final dividend for the FY2024 of 3.5 cents per share, fully franked, will be paid on Thursday, October 17. This brings the total full-year dividend for the FY2024 to 6.5 cents per share, consistent with FY2023. This consistency reflects the company’s continued solid underlying performance, which also saw an 8% year-on-year increase in shareholder equity.
A full copy of the annual financial statement can be viewed on our website by clicking here.
Scott Gibson
Chief Executive Officer
Those who are interested in buying or selling shares in PMGL can email PMGL’s Company Secretary at companysecretary@perthmarket.com.au to register interest and obtain the required information.