S&P/ASX 200 Index (ASX: XJO) share Inghams Group Ltd (ASX: ING) has shaken off this week's market malaise to post some stellar gains.
In early afternoon trade today, the ASX 200 is down 2.5% since last Friday's closing bell sounded.
But the Ingham's share price has decidedly gone the other way, up 18.6% in a week.
At the time of writing, shares in the vertically integrated poultry producer are up 5.5% in intraday trading, changing hands for $3.37 apiece.
So, what's gone right for this ASX 200 share this week?
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Why are investors piling into this ASX 200 share?
The Ingham's share price closed up 14.8% on Thursday when the company announced its full-year financial results for the 12 months ending June 24 (FY23).
Among the highlights, Inghams reported a 13.0% year-on-year increase in earnings before interest, taxes, depreciation and amortisation (EBITDA), which came in at $419 million.
Also helping lift the ASX 200 share was a big increase in profits. FY23 net profit after tax (NPAT) of $60 million was up 72.1% from FY22.
And passive income investors will be pleased with management declaring a final fully franked dividend of 10.0 cents per share. That brings the total FY23 dividends to 14.5 cents per share, up 107% from FY22.
Inghams said the recovery in its performance was driven by an ongoing return to normal operational performance levels across the business, "with farming performance continuing to recover and supply chain conditions normalising".
The company also implemented price increases across all of its channels to counter rising feed and other key input costs, noting that market demand for poultry continues to outpace supply.
Commenting on the results that sent the ASX 200 share soaring yesterday, CEO Andrew Reeves said:
Overall, the poultry sector remains attractive, underpinned by robust demand with key long-term trends intact. Our underlying business is in good shape, and our diverse network and integrated operating model provides a strong platform for earnings growth.
Inghams share price snapshot
The past week's strong performance sees this ASX 200 share back in the green in 2023, up 17% since the opening bell on 3 January.
