Brisbane Markets Limited (BML) announced its results for the year ended 30 June 2022 at its Annual General Meeting on Wednesday, 9 November, recording a net profit after tax of $62.39 million.
The company recorded an underlying profit before tax of $19.13 million, representing growth of 1.48% when compared to the prior year.
BML Chair, Anthony Kelly, said that despite the impact of the flood event at the beginning of the year and the global health pandemic that preceded it, BML continues to achieve the robust results that have been the hallmark of the 20 years of the company’s ownership of the Brisbane Markets, since the site’s purchase from the State Government in 2002.
“BML has achieved a strong financial outcome and solid growth over the 2022 financial year and, indeed, the 20 years that preceded it,” Mr Kelly said.
“Our achievements and resilience are testament to the strength and experience of industry-based ownership of the Brisbane Markets. The results are also a reflection of the ongoing hard work, prudent decisionmaking and sound investment strategies implemented by the BML Board and senior management team.”
Ongoing development and upgrading of the Brisbane Markets site has continued to be a priority for BML. At 30 June 2022, the company had total assets of $506.97 million with net assets of $267.13 million.
During the 2022 financial year, significant progress was made on the Building H1 development (and the continued expansion of South Gate West to ensure the future growth of and continued investment in the Brisbane Markets site and its infrastructure, to facilitate the marketing and distribution of fresh produce, in line with BML’s company mission.
BML’s strategic investment in Perth Markets Group Limited and the South Australian Produce Market Limited also contributed to the company’s net profit.
The company has declared a final dividend of 8 cents per share fully franked, bringing the total dividend paid in respect of the 2022 financial year to 16.75 cents per share fully franked.