At the time of writing, the Goodman Group (ASX: GMG) share price was up 3.57% to $18.27 after the company released its annual results for the financial year to 30 June 2020.
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What was in the announcement?
Goodman Group had revenue of $2.63 billion in the 2020 financial year, this was down 13% on the 2019 financial year.
According to the company, net profit after tax was $1.50 billion in the 2020 financial year, this was compared to net profit after tax in the 2019 financial year of $1.63 billion.
Diluted earnings were 80 cents per share in the 2020 financial year.
The group's operating profit, which was profit before certain non-cash items, was $1.06 billion in financial year 2020, a 12.5% increase on financial year 2019.
Goodman Group forecast that it would pay a full year distribution of 30 cents per share in financial year 2021. It also forecast operating profit in the 2021 financial year of $1.17 billion and operating earnings per share of 62.7 cents.
At 30 June, Goodman Group had total assets under management of $51.6 billion.
In their Directors' report, the Goodman Group Board stated;
"The Board acknowledges the unprecedented times the world is experiencing and the terrible impact COVID-19 is having on people's lives and livelihoods. Goodman's markets have been affected at various times and to varying degrees, but the Group has adapted to this new operating environment with limited disruption and has continued to grow the business sustainably for the long term. Goodman plays an important role in providing both essential infrastructure and making a tangible difference for customers in the cities in which the group operates."
"Over the past decade, the Group has established significant human capital, financial resources and a well located real estate portfolio, to sustain the business through market cycles. This is reflected in the results for the financial year with Goodman reporting operating profit of $1060.2 million, compared to $942.3 million for the prior year, an increase of 12.5%. This equates to an operating EPS of 57.5 cents, up 11.4% on FY19."
About the Goodman Group share price
Goodman Group is a real estate company that develops, owns and manages commercial and industrial properties. Its properties include warehouses and logistics facilities along with business and office parks. Goodman Group has been listed on the ASX since 1995.
The Goodman Group share price is up 90.31% since its 52-week low of $9.60, it has returned 35.94% since the beginning of the year. The Goodman Group share price is up 21.80% since this time last year.
