REA Group gains on profit jump, dividend hike
REA Group
marked their sharpest intraday rise in two and a half years on Wednesday, after the News Corp-backed property listings firm posted strong full-year profit and raised its final dividend.
The stock touched A$257.13 during the session, the highest level since February 20, buoyed by a 23% rise in attributable net profit to A$564 million ($365.30 million) for the year as well as a record annual revenue of A$1.67 billion and a resurgent housing market.
Chief Executive
Owen Wilson
said Australia's property fundamentals remain robust, with buyer demand underpinned by expectations of further interest rate cuts and steady house price growth.
"These are favourable conditions for sellers to bring their properties to market," Wilson added.
REA, which operates the popular realestate(dot)com(dot)au platform, declared a final dividend of A$1.38 per share - up 35% from last year - supported by strong operating cash flow and proceeds from the sale of its stake in Southeast Asian portal PropertyGuru.
The company said it expects residential buy listing volumes in the new financial year to remain broadly in line with last year's "healthy" levels, underscoring the market resilience.
REA noted that market conditions remain healthy, supported by high employment and expectations of further monetary policy easing by the
Reserve Bank of Australia
, which is likely to boost buyer demand and vendor confidence to list on REA's portal.
Analysts at Jarden called the result "solid" and in line with expectations. They noted the key question now lies in residential yield growth - or how much REA can earn per listing - with future uplift likely hinging on customer uptake of its premium product, Audience Maximiser All.
REA also confirmed that a new chief executive will be appointed in September, as Wilson prepares to step down after a decade with the firm.
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REA Group gains on profit jump, dividend hike
BENGALURU: Shares in Australia's REA Group marked their sharpest intraday rise in two and a half years on Wednesday, after the News Corp-backed property listings firm posted strong full-year profit and raised its final dividend. The stock touched A$257.13 during the session, the highest level since February 20, buoyed by a 23% rise in attributable net profit to A$564 million ($365.30 million) for the year as well as a record annual revenue of A$1.67 billion and a resurgent housing market. Chief Executive Owen Wilson said Australia's property fundamentals remain robust, with buyer demand underpinned by expectations of further interest rate cuts and steady house price growth. "These are favourable conditions for sellers to bring their properties to market," Wilson added. REA, which operates the popular realestate(dot)com(dot)au platform, declared a final dividend of A$1.38 per share - up 35% from last year - supported by strong operating cash flow and proceeds from the sale of its stake in Southeast Asian portal PropertyGuru. The company said it expects residential buy listing volumes in the new financial year to remain broadly in line with last year's "healthy" levels, underscoring the market resilience. REA noted that market conditions remain healthy, supported by high employment and expectations of further monetary policy easing by the Reserve Bank of Australia , which is likely to boost buyer demand and vendor confidence to list on REA's portal. Analysts at Jarden called the result "solid" and in line with expectations. They noted the key question now lies in residential yield growth - or how much REA can earn per listing - with future uplift likely hinging on customer uptake of its premium product, Audience Maximiser All. REA also confirmed that a new chief executive will be appointed in September, as Wilson prepares to step down after a decade with the firm.
