Brisbane Markets Limited (BML) presented its results for the year ended 30 June 2024 at its Annual General Meeting on Wednesday, 13 November.
The company has reported an underlying net operating profit before tax of $15.94 million, a very sound result amid a tough economic environment.
Higher interest rates, increased insurance costs and a reduction in service margins due to increasing electricity costs have impacted most Australian businesses in the last year, including BML and its tenants.
The balance sheet remains strong with reported total assets at 30 June 2024 of $514.46 million and net assets of $245.27 million, a small decrease on the prior year.
“Following significant cost increases in the previous year, BML took a measured approach to pausing further cost increases in this financial year,” said BML Chair, Anthony Kelly.
“BML has worked hard to balance the needs of stakeholders with the company’s bottom line results,” said Mr Kelly. “Some of the financial results represents a modest decline compared to the previous year, however most importantly, BML’s performance reflects the prudent decisions taken to support all stakeholders and long-term business relationships.”
BML has continued to invest in the development of the Brisbane Markets site, with several projects completed and more underway. BML is committed to ensuring business continuity and a strong platform for future growth.
Mr Peter Tighe retired from the position of Director by rotation at the Annual General Meeting, and in accordance with the Constitution of the Company, Mr Tighe offered himself for re-election and was re-elected unopposed.
A final dividend for the year of 8.00 cents per ordinary share, franked to 80%, has been declared. The total dividend paid in respect of the 2024 financial year is 17.00 cents per ordinary share, partially franked.
