FFI Holdings reports $1.70 million net profit after tax for H2 2023

FFI Holdings Limited (ASX: $FFI) has reported a net profit after tax of $1.70 million for the half year ended 31st December 2023, in line with previously notified profit guidance. The company achieved this result on revenue of $28.1 million, representing a 15.9% increase from the previous corresponding half year. FFI Holdings maintains a strong financial position with net assets of $44.9 million, no debt, and cash reserves of $2.9 million.

Executive Commentary on Financial Results

The half year under review has been a very successful trading period for FFI Holdings. The improvement in the result reflects the success of a number of initiatives implemented to enhance profitability and address previous issues. The strong performance of the food operations, with sales increasing by 15.5% to $27.3 million, has been a key driver of the overall lift in the reported profit. Additionally, the company's property investments continued to make a material contribution to the financial result, with rent received from investment properties increasing by 21.2% to $0.80 million for the half year. The Board believes that the company's longer-term outlook remains positive, with a focus on profit margins and numerous opportunities for future growth.

Summary of FFI Holdings' Half-Year Financial Report

FFI Holdings Limited has delivered a strong half-year financial performance, reporting a net profit after tax of $1.70 million, in line with previously notified profit guidance. The company achieved this result on revenue of $28.1 million, representing a 15.9% increase from the previous corresponding half year. The strong performance of the food operations, with sales increasing by 15.5% to $27.3 million, has been a key driver of the overall lift in the reported profit. Additionally, the company's property investments continued to make a material contribution to the financial result, with rent received from investment properties increasing by 21.2% to $0.80 million for the half year. The Board believes that the company's longer-term outlook remains positive, with a focus on profit margins and numerous opportunities for future growth.