HiTech Group Australia Limited (ASX:HIT) Reports Record FY2024 Results
Record Financial Performance
HiTech Group Australia Limited has achieved record financial results for the financial year ending 30 June 2024. The consolidated entity reported operating revenue of $63,447,938, with gross profit increasing by 16.5% to $12,806,900 compared to the previous year. The net profit after tax (NPAT) also grew by 10.9% to $6,031,458, while EBITDA rose by 16.6% to $8,893,893.
The company declared a fully franked dividend of 5 cents per share, with total dividends for the past 12 months amounting to 10 cents per share fully franked. This demonstrates HiTech’s commitment to delivering value to its shareholders.
Business Model and Market Outlook
Ray Hazouri, Chairman, praised the company’s high-performing work culture amidst a resilient team, stating, “Our proven, tried and tested business model is versatile and adaptable to change.” He highlighted that the ICT sector continues to showcase strong demand as organisations develop secure digital services and navigate cybersecurity challenges.
HiTech’s adaptable model positions it well to seize market opportunities for organic growth and potential acquisitions, which contribute to stakeholder returns.
The outlook for FY2025 appears positive, contingent on prevailing economic conditions and ICT human talent demand from both government and private sectors. Preliminary internal accounts indicate expected profit growth for the first half of FY2025.
Commitment to Growth
HiTech Group remains dedicated to enhancing financial performance through both organic growth and carefully considered acquisitions. The company maintains a strong balance sheet, solid cash reserves, and zero debt, confirming its resilient market stance.
As the company celebrates its 31st year in business, Hazouri expressed gratitude to team members and stakeholders for their support and commitment. “We are determined to bolster our financial performance and profit results,” he affirmed.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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