Brisbane Markets Limited fortunate to achieve solid end-of- year result Brisbane Markets Limited (BML) announced its results for the year ended 30 June 2020 at its Annual General Meeting on Wednesday, 11 November. The company secured a net profit after tax of $14.76 million and recorded an underlying operating profit before tax of $15.99 million, representing growth of 4.65% when compared to the prior year. BML Chairman, Tony Joseph, said the company was fortunate to have achieved such a solid financial result after the challenges of the COVID-19 global pandemic.
Brisbane Markets Limited CEO Andrew Young and Chairman Tony Joseph.
“This result is a testament to the strength and experience of industry-based ownership of the Brisbane Markets and reflects the early action that BML took to cut costs and restrict site access, and to provide necessary assistance to tenants through rent relief, credits and waivers,” said Mr Joseph.
BML’s strategic investment in Perth Markets Group Limited and the South Australian Produce Market Limited has contributed to the company’s net profit. The company has declared a final dividend of 7.75 cents per share fully franked, bringing the total dividend paid in respect of the 2020 financial year to 16 cents per share fully franked.
ANNUA L REPOR T 2020
Major site improvements during the course of the financial year included the completion of the new $19.5 million Building E1 facility, an additional Covered Loading Area for registered Brisbane Markets buyers, and an extension to the Building A1 warehouse.
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At 30 June 2020, total assets stood at $395.03 million with net assets of $191.68 million.
BRISBA NE MARKE TS LIMITE D
Ongoing development and upgrading of the Brisbane Markets site continued to be a priority for the company during the year, which recorded total asset growth of 4.11% and net asset growth of 2.15%.
20 ANN 20 REPOURATL INCLUDES FINA NCIAL REPORT
The cover of Brisbane Markets Limited’s 2020 Annual Report.
14 FRESH SOURCE
Summer 2020
