Full Year 2024 Cedar Woods Properties Ltd Earnings Call Transcript
Key Points
- Cedar Woods Properties Ltd (ASX:CWP) delivered a net profit after tax of $40.5 million, up 28% from the previous year.
- The company achieved revenue of $386 million from 1,140 settlements, reflecting strong operational performance.
- Cedar Woods Properties Ltd (ASX:CWP) declared a final dividend of $0.17 per share, bringing the full-year dividend to $0.25 per share, fully franked.
- The company has a robust pipeline with over 10,000 lots or dwellings across 40 projects in four states, ensuring future growth.
- Cedar Woods Properties Ltd (ASX:CWP) has established strategic partnerships with QIC and Tokyo Gas Real Estate, enhancing its project portfolio and reducing capital requirements.
- Higher finance costs were noted due to increased average debt balance and higher base interest rates.
- Revenue remained broadly flat despite an increase in settlement volume, indicating potential challenges in pricing or product mix.
- The Victorian market experienced softer conditions due to higher interest rates, impacting sales performance in that region.
- Construction costs have continued to grow, which could impact future project margins and timelines.
- The company's guidance for 10% NPAT growth in FY25 was seen as conservative, indicating potential uncertainties or constraints in achieving higher growth.
Good morning, and welcome to the presentation of the FY24 financial results for Cedar Woods. My name is Nathan Blackburne, and with me, he's our CFO, Leon Hanrahan.
In this presentation, we will provide an overview of Cedar Woods and the FY24 year. The strategy and business model that sets us apart. We'll review the financial results, discuss current market conditions, provide some commentary on our portfolio, and then discuss the outlook for our business and sector.
Cedar Woods is an experienced property development company with a driven team that has proved its success in acquiring and delivering projects over the past 30 years. In our portfolio, we have over 10,000 lots or dwellings in the pipeline, which is made up of 40 projects across Victoria, South Australia, Western Australia, and Queensland.
Our products include land estates, townhouses, apartments, and commercial developments, and we are known for the quality and sustainability of our developments with many awards for design and
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