Ryder Capital Limited - Preliminary Final Report for FY24
RYD (RYD) Share Update August 2024 Thursday 15th
Ryder Capital Limited Reports Strong Financial Performance for FY24
Ryder Capital Limited (ASX: RYD) has reported a remarkable turnaround in its financial performance for the year ended 30 June 2024, with substantial increases in revenue, profit, and net tangible assets.
Instant Summary:
- Revenue from ordinary activities increased by 18% to $3,702,470.
- Profit before tax surged by 60% to $1,890,241.
- Profit after tax rose by 34% to $2,030,342.
- Total comprehensive income saw a substantial increase of 363%, reaching $18,116,819.
- Final dividend of 5.0 cents per share declared, fully franked at 25%.
Financial Performance
Ryder Capital Limited reported a significant improvement in its financial performance for the year ended 30 June 2024. The company's revenue from ordinary activities increased by 18% to $3,702,470, compared to the previous year. This growth was driven by higher dividend and interest income.
The company's profit before tax surged by 60% to $1,890,241, while profit after tax rose by 34% to $2,030,342. This strong performance was attributed to effective cost management and strategic investments.
Comprehensive Income
Ryder Capital's total comprehensive income for the period saw a substantial increase of 363%, reaching $18,116,819. This remarkable growth was primarily due to significant gains in the fair value of long-term equity investments.
Dividends
The company declared a final dividend of 5.0 cents per share, fully franked at 25%, bringing the total dividend for the year to 9.0 cents per share. The final dividend will be paid on 13 September 2024, with an ex-dividend date of 19 August 2024 and a record date of 20 August 2024.
Net Tangible Assets
Ryder Capital's net tangible assets per share increased to $1.3875 before tax and $1.3887 after tax, reflecting the company's strong investment performance and effective capital management. The company also completed a share buyback of approximately 1.74 million shares during the year.
Dividend Reinvestment Plan
The Dividend Reinvestment Plan (DRP) continued to operate during the year, allowing shareholders to reinvest their dividends into additional shares without a discount. The DRP will also apply to future dividends until it is suspended or cancelled.
The strong financial performance and substantial increase in comprehensive income are likely to have a positive impact on Ryder Capital's stock price. The increased dividends and improved net tangible assets per share will likely enhance investor confidence and attract new investments.
Investor Reaction:
Analysts have responded positively to Ryder Capital's financial performance, noting the significant improvements in revenue, profit, and comprehensive income. The company's strategic investments and effective cost management have been highlighted as key drivers of this success.
Conclusion:
Investors should consider Ryder Capital's strong financial performance and positive outlook when making investment decisions. The company's strategic initiatives and improved financial metrics indicate a promising future. Shareholders are encouraged to participate in the Dividend Reinvestment Plan to benefit from the company's growth.