BlackWall Limited - Financial Year 2024 Results - 15 August 2024
BWF (BWF) Share Update August 2024 Thursday 15th
BlackWall Limited Reports Strong Financial Turnaround for FY 2024
BlackWall Limited (ASX: BWF) has reported a remarkable financial turnaround for the year ended 30 June 2024, with a significant increase in net profit and revenue from continuing operations.
Instant Summary:
- Total revenue from continuing operations increased by 23% to $1,966,000.
- Net profit after tax attributable to equity holders rose to $4,662,000 from a loss of $1,006,000 in the previous year.
- Interim and final dividends maintained at 2.5 cents per security.
- Net tangible asset value per share increased to $0.42 from $0.27.
Financial Performance Overview
BlackWall Limited has achieved a significant financial turnaround for the fiscal year ended 30 June 2024. The company reported a total revenue from continuing operations of $1,966,000, a 23% increase compared to the previous year. This growth was driven by a substantial rise in transaction and other income, as well as investment income.
The net profit after tax attributable to equity holders from continuing operations improved dramatically, reducing the loss from $2,672,000 in 2023 to $710,000 in 2024. Furthermore, the net profit from discontinued operations surged to $5,372,000 from $1,666,000 in the previous year. Overall, the net profit for the period attributable to equity holders was $4,662,000, a significant improvement from a loss of $1,006,000 in 2023.
Dividend and Shareholder Returns
BlackWall Limited has maintained its interim and final dividends at 2.5 cents per security, resulting in a total dividend of 5.0 cents per security for the year. The record date for the final dividend is 23 September 2024, with payment scheduled for 11 October 2024.
Net Tangible Assets and Corporate Developments
The net tangible asset value per share increased to $0.42 as of 30 June 2024, up from $0.27 in the previous year. This improvement reflects the company's strengthened financial position and successful strategic initiatives.
During the year, BlackWall Limited gained control over Pelorus Group on 17 November 2023, resulting in a loss of $11,315,000. Additionally, the company disposed of BlackWall Fund Services Limited on 29 February 2024, generating a gain of $5,372,000.
The significant improvement in BlackWall Limited's financial performance is likely to have a positive impact on its stock price. The increase in net profit and revenue, along with the maintained dividend, should boost investor confidence. The rise in net tangible asset value per share further underscores the company's strong financial position.
Investor Reaction:
Analysts are expected to react positively to BlackWall Limited's financial results, highlighting the company's successful turnaround and strategic initiatives. The maintained dividend and improved net tangible asset value per share are likely to be well-received by investors.
Conclusion:
Investors should consider the positive financial performance of BlackWall Limited for FY 2024 and the potential long-term benefits of the company's strategic initiatives. Monitoring the company's future developments and financial results will be crucial for making informed investment decisions.