Mirvac (ASX: $MGR) FY24 Results Overview

Mirvac Limited (ASX: $MGR) has reported its FY24 results, with a 12% increase in Group EBIT to $860 million and a 5% decrease in operating profit to $552 million compared to the previous corresponding period. The company's EPS stands at 14.0c, flat on the previous corresponding period, and the DPS is reported at 10.5c. Mirvac's investment portfolio's NTA has increased by 11% to $2.36, and the development pipeline stands at approximately $29 billion. The company also manages approximately $15 billion of third-party capital and has assets under management of around $22 billion. The headline gearing is reported at 26.7%, within the target range of 20-30%.

Executive Commentary on FY24 Results

Campbell Hanan, Group CEO & Managing Director, stated, 'We are pleased with the solid performance delivered in FY24, which reflects our commitment to delivering on our strategic objectives. Our focus on retaining balance sheet flexibility and increasing the cash flow resilience of our investment portfolio has been instrumental in navigating the challenging operating environment. We have made significant progress in leveraging our integrated development capability, expanding our funds management offering, and maintaining strong operating metrics. Our continued focus on sustainability and culture has been recognized through various accolades and achievements, reinforcing our commitment to responsible business practices.'

Summary of FY24 Results and Outlook

Mirvac's FY24 results demonstrate a resilient performance amidst a challenging operating environment. The company has successfully retained balance sheet flexibility, increased the cash flow resilience of its investment portfolio, and made significant progress in leveraging its integrated development capability. With a strong focus on sustainability and culture, Mirvac has achieved recognition for its commitment to responsible business practices. Looking ahead, the company is well-positioned for future earnings growth, driven by multiple growth drivers across its investment portfolio, funds management, residential completions, and development pipeline. Mirvac's secure balance sheet position, proven track record, and sustainability focus underpin its ambitions for continued success and growth.