Wesfarmers Fiscal Year Profit Rises, Boosts Dividend

By Mike Cherney

SYDNEY--Australian conglomerate Wesfarmers said its annual net profit rose and it boosted its final dividend following a good performance in its retail divisions.

Wesfarmers said its net profit in the 2024 fiscal year, which ended in June, was 2.56 billion Australian dollars (US$1.74 billion), up 3.7% on the prior year. Revenue rose by 1.5% to A$44.19 billion.

The company declared a final dividend of 107 Australian cents per share, up from 103 cents in the prior year. That brought the full year payout to 198 cents, up from 191 cents the prior year.

Wesfarmers said its Kmart retail group was a standout, posting revenue growth of 4.4% in the 2024 fiscal year, and that its Bunnings hardware chain demonstrated resilience, with revenue growth of 2.3%. That was offset by a decline in its chemicals, energy and fertilizer business, which saw revenue drop by nearly 17%.

"We expected a challenging year and there were numerous headwinds to navigate with cost of living pressures, rising costs of doing business, subdued activity in residential construction and significant volatility in key commodities," Managing Director Rob Scott said.

Write to Mike Cherney at mike.cherney@ws.com

(END) Dow Jones Newswires

August 28, 2024 18:38 ET (22:38 GMT)

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