The company is very pleased with the recorded net profit after tax of $6.52 million.
This result reflects the ongoing sound performance of the underlying Brisbane Markets operations as well as another strong contribution from the Investment in Perth Markets Limited.
The group has achieved moderate growth in the Underlying Net Profit to $15.28 million (before tax), representing growth of 1.93% when compared to the prior year. This reflects the operating result, net of the impact of property revaluations.
The financial performance of the company is summarised below:
| Brisbane Markets Limited Financial Results Summary – 2019 | |||||
| 2019 | 2018 | Change | |||
| $ million | $ million | ||||
| Brisbane Markets Operating Result | 13.91 | 13.58 | |||
| Perth Markets operating performance proportion | 1.37 | 1.41 | |||
| Underlying Net Profit before Tax | 15.28 | 14.99 |  1.93% | ||
| Perth Markets Property Revaluation proportion | 2.48 | 5.41 | |||
| Brisbane Markets Investment Property Increase/(Decrease) | (8.43) | (1.79) | |||
| Reported Net Profit before Tax | 9.33 | 18.61 | |||
| Income Tax Expense | (2.81) | 5.59 | |||
| Reported Net Profit after Tax | 6.52 | 13.02 | |||
| Net Assets at Balance Date | 187.9 | 155.5 | |||
| Total Assets at Balance Date | 379.4 | 361.8 | |||
| Net Tangible Assets per share at 30 June 2019 | $3.43 | $3.64 | |||
The group has continued to improve its balance sheet, which also reflects the successful capital raising which was finalised earlier this year. As highlighted in the table above, at year end total assets stood at $379.4 million with net assets at $187.9 million. Funds raised through the capital raising are being utilised in accordance with the Prospectus, with the completion and opening of the Montague warehouse (Building C1), the Stage 3 Solar project now completed, the Building A1 (Murray Bros) extension being constructed and the construction of the new J.H. Leavy warehouse (Building E1) now progressing. The group’s financial performance will be further elaborated upon in the company’s Annual Report, which will be distributed to all shareholders during October 2019, and at the Annual General Meeting, set down for Wednesday, 13 November, 2019 at 9am.
PAYMENT OF DIVIDEND
The Board of Directors is also pleased to advise shareholders that with the ongoing strength of the Group’s operating result, they have declared a final dividend for the year of 8.25 cents per fully paid share, fully franked.
The total dividend paid in respect of the 2019 financial year will again be 16.25 cents per fully paid share, fully franked. This has maintained the dividend at the same level as the prior two years.
The final dividend of 8.25 cents per fully paid share fully franked, will be paid on Tuesday 22 October 2019.
This will paid to shareholders on the share register of the company at 5pm on Tuesday, 8 October 2019.
ELECTION OF DIRECTORS
In accordance with Clause 39.2 of the Constitution of Brisbane Markets Limited (BML), one director will retire by rotation at the 2019 Annual General Meeting. The director retiring by rotation is Mr Peter Tighe.
Mr Tighe has confirmed that he will be standing for re-election.
The company’s Constitution details the procedure for nomination of directors for election. This procedure requires that BML send each shareholder a “Nomination Notice” to allow persons to be nominated for election as a director of the company. There is no need to nominate existing BML directors or the director retiring by rotation.
Please find attached a Nomination Notice for completion should you wish to nominate an individual as a candidate for election to the position of director of Brisbane Markets Limited.
All nominees will be given an opportunity to express their views to members in a written statement which will be distributed during October 2019.
The closing date for the receipt of nominations is 5pm on Monday, 14 October 2019.
Andrew Young
Chief Executive Officer