This article is from the Australian Property Journal archive
AXIOM Properties Limited (ASX:AXI) posted a record profit over FY21, after completing and offloading a series of projects over the year.
Axiom posted a total profit for the year of $12.161 million, a significant uplift from $367,000 in FY20.
While revenues from ordinary activities were up 10.5% to $59,787,000.
The group reported an equal EPS and DPS of 2.81cps, up from 0.08cps in FY20.
Total assets were at $41.7 million, up from FY20’s $27.29 million, while net assets were at $30.9 million, up from $25.27 million.
“As a result of the company’s success the directors felt it important to reward our loyal shareholders during the year with a 1.5 cents return of capital payment which cost the company approx. $6.5 million,” said Ian Laurance, chairman at Axiom.
Axiom posted cash and cash equivalents of $9.127 million, up from $3.6 million in the pcp.
Axiom saw losses in its results from both its investment property segment and its corporate segment, of $41,000 and $2.6 million respectively.
While its development segment brought in $14.043 million, leading to a positive consolidated result of $11.321 million.
This is compared to profits both its investment property and development segment in FY20 of $309,000 and $3.151 million respectively.
This was largely offset by a loss of $3.09 million in its corporate segment, for a $365,000 consolidated result in FY20.
“The demand from the investment community for the Group’s completed projects, and its ability to produce investment grade product, has placed the Company in a strong position to continue delivering on its core competency and allows the Company to recycle and deploy its equity into new opportunities,” said Ben Laurance, managing director of Axiom.
Axiom’s project of delivering the State Emergency Centre and Safecom development for the South Australian Government is currently on budget and on time, scheduled for completion before the 2021/2022 bushfire season.
The group also delivered a multi-story carpark just after the end of financial year, selling the development to Charter Hall for $80 million in FY21 on a fund through basis.
Its Glenlea residential development in South Australia also sold 74 lots over the year, while also selling a 10-hectare parcel of land to the Living Choice company for $5.5 million, with settlement expected for quarter one of 2022.
