Goodman Group (ASX:GMG) Reports Strong 1H25 Operating Profit and Announces $4 Billion Placement
Financial Performance
Goodman Group delivered an operating profit of $1,222.4 million for the half year ended 31 December 2024, marking an 8% increase compared to 1H24. Operating earnings per security rose by 7.8% to 63.8 cents, and statutory profit reached $799.8 million.
Equity Raising to Support Growth
The Group is raising $4.0 billion through a fully underwritten ‘pro-rata’ institutional placement and a non-underwritten Security Purchase Plan to raise up to $400 million. The proceeds will enhance financial flexibility, support data centre and logistics growth, reduce gearing, and provide working capital.
Operational Highlights
Goodman’s total portfolio grew to $84.4 billion, a 7% increase from June 2024. Portfolio occupancy remained high at 97.1%, and like-for-like net property income grew by 4.7%. The Group’s development work in progress stands at $13.0 billion, with data centres representing 46% of current WIP.
Executive Comments
CEO Greg Goodman stated, “Goodman’s strategy of providing essential infrastructure for the digital economy – both through our logistics facilities and data centres – has set a strong foundation for the growth we expect to see by executing the global data centre opportunity before us.”
Motley Fool contributor Matt Burgess has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goodman Group. The Motley Fool Australia has recommended Goodman Group. 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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