The Brisbane Markets Limited Board has finalised and approved the financial results of the company for the financial year ended 30 June 2024.

The company has reported an underlying net operating profit before tax of $15.78 million, which is reduction when compared to the prior year. This result reflects the ongoing challenging environment which exists, where BML is balancing the needs of all stakeholders, and incurring increased interest rate and operating costs. The valuation of the Brisbane Markets property at 30 June 2023 was $419.50 million, with the carrying value of Investment Property written down by $13.74 million as reported below.

The financial performance of the company is summarised below, including impact of the valuation movement and other adjustments:

Brisbane Markets Limited Financial Results Summary – 2024
	2024	2023	Change
	$ million	$ million
Brisbane Markets Operating Result	15.78	16.57
Perth Markets operating proportion	0.16	0.38
Underlying Net Profit before Tax	15.94	16.95	(5.93%)
Brisbane Markets Investment Property Valuation Decrease	(13.74)	(30.67)
Perth Markets Property Revaluation proportion	5.14	0.11
Fair value movement in other investment	(0.40)	(0.61)
Reported Net Profit/(Loss) before Tax	6.94	(14.22)
Income Tax Benefit/(Expense)	(1.40)	4.84
Reported Net Profit/(Loss) after Tax	5.54	(9.38)

Total Assets at Balance Date	514.46	502.83
Net Assets at Balance Date	245.27	249.43
Net Assets per share at 30 June 2024	$4.50	$4.58

The balance sheet remains strong with reported total assets at 30 June 2024 of $514.46 million and net assets of $245.27 million, down by 1.66% on the prior year. This has also resulted in a reduction in the net asset per share figure to $4.50.

The company’s financial performance will be further elaborated upon in the company’s Annual Report, which will be distributed to all shareholders during October 2024, and at the Annual General Meeting, set down for Wednesday, 13 November 2024 at 9am.

PAYMENT OF DIVIDEND

The Board of Directors wish to advise shareholders that a final dividend for the year of 8.00 cents per ordinary share, franked to 80%, has been declared. Shareholders should note that future dividends will be franked in the range of 70% to 80%, and the company will review the franking position on an annual basis. Future franking will be determined based on tax paid and the resultant availability of franking credits.

The total dividend paid in respect of the 2024 financial year will be 17.00 cents per ordinary share, partially franked.

The final dividend of 8.00 cents per ordinary share, franked to 80%, will be paid on Thursday, 17 October 2024.

This will be paid to shareholders on the share register of the company at 5pm on Thursday, 3 October 2024.

In relation to our previous communication regarding the level of dividend franking to apply for the 2024 financial year, we continue to suggest that you defer finalisation of your income tax affairs for 30 June 2024 until we provide further advice on this matter. BML is hopeful that there will be little or no impact to the majority of shareholders but is still awaiting confirmation from the Australian Taxation Office in relation to the matter. A full copy of the financial report can be viewed on our website by clicking here.

Andrew Young
Managing Director and CEO

Shareholders interested in buying or selling shares in BML, or who need any information in this regard, may register their interest by sending us an email or by completing the ‘Register as an interested party’ or ‘Sell your shares in BML’ online forms.