Peet Limited (ASX:PPC) Announces Half-Year Financial Results
Financial Performance
Peet Limited reported revenue of $174.2 million for the half-year ended December 2024, an 18% increase compared to the previous year. Statutory profit after tax rose by 63% to $25.2 million, while earnings per share increased by 64% to 5.38 cents.
Operational Achievements
The company sold 1,370 lots, up 24% from the corresponding period last year, and settled 1,009 lots. The value of contracts on hand reached $661 million as of December 31, 2024. Improvements were driven by strong performance across Queensland, Western Australia, and South Australia projects.
Dividend Declaration
Peet Limited declared a fully franked interim dividend of 2.75 cents per share for the year ending June 2025, up from 1.50 cents in the previous year. The dividend is scheduled for payment on April 11, 2025, with a record date of March 20, 2025.
Future Outlook
Peet Limited expects continued growth in Queensland, with moderate increases in Western Australia and South Australia. The company is well-positioned with over $660 million in contracts on hand and anticipates earnings growth and strong operating cash flows for the fiscal year 2025.
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