- Operating profit $1.22 billion
- Statutory profit $2.3 billion
- 125 hectares of land acquired in Melbourne
Goodman Group (ASX: GMG) today announced its full-year results, reporting operating profit had risen 15% to $1.22 billion. The company’s statutory profit was $2.31 billion.
“Goodman’s adaptable and flexible approach has enabled our people to continue to perform at a high standard and deliver a very strong result in the current environment, with health and well-being remaining a critical priority,” said Group Chief Executive Officer, Greg Goodman.
The company also achieved carbon neutrality four years ahead of its target.
|Operating profit||$1.22 billion||15%||↑|
|Operating EPS||65.6 cents||14.1%||↑|
|Statutory profit||$2.3 billion||–||–|
|Distribution per stapled security||30 cents||–||–|
|NTA||$6.68 per security||14.4%||↑|
|Like for like net property income growth||3.20%||–||–|
|Development work in progress||$10.6 billion||63%||↑|
Goodman said the company “remains well-capitalised with available liquidity of $1.9 billion, including $0.9 billion in cash and gearing at 6.8%.”
The books also showed a weighted average cap rate compression of 55 bps to 4.3% over the year.
The rise in online sales has led to high demand for logistics and warehousing products, GMG has benefited from the trend, and is set to continue cashing in.
Goodman announced it recently acquired 125 hectares of industrial zoned land along Riding Boundary Road in Truganina, Melbourne.
The land is approximately 36 minutes from Melbourne CBD, 29 minutes from Australia’s busiest port in Port Melbourne and just 25 minutes from Melbourne’s International Airport.
“Logistics and warehousing globally play a critical role in providing essential infrastructure for the growing digital economy, enabling efficient distribution to time-sensitive consumers,” said Jason Little, General Manager Australia, Goodman Group.
At the same time, a CBRE report has concluded that 500,000sqm of new space a year will be needed to cope with the inexorable shift to online sales.