q1 beachside view of sunshine coast skyline sky scraper
Source: Canva
  • Statutory profits after tax up from $9.4M, now $17.4M
  • Multiple major sales recently announced totaling over $70M
  • Cash generated has reduced debt, fully franked interim dividend of 8 cents per share, and special dividend of 22 cents

Creators of Queensland icons such as Palazzo Versace and Q1, Sunland Group released their half-yearly results today.

Statutory net profit after tax achieved for the reporting period was 85% from the previous corresponding period, $17.4M, up from $9.4M.

The “buoyant market conditions” saw Sunland also produce positive results across other key metrics too, earnings per share of 13 cents, up from 7 cents for the last corresponding period, and fully franked interim dividend of 8 cents; a special dividend of 22 cents per share was also handed out.

It’s welcome news for investors, total dividends significant and a strategy objective ever closer.

“These dividend payments, together with the FY20 final dividend paid in September 2020,will bring the value of fully franked dividend distributions paid to date during this financial year to 40 cents per share. This contributes greatly towards achieving the Strategy’s objective of returning a net asset value of $2.56 per share,” said Managing Director of Sunland Group, Mr Sahba Abedian.

Net tangible assets rose three cents to $2.59, the company announcing their intention to bring that back down to $2.56 per share over the course of this year.

Sunland Group has a number of active and new projects on the cards, to be delivered over the next two years.

The company started the day at $2.55.

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