FY22: Magontec delivers record full year profit and moves to strong net cash position
Magontec Limited (ASX: MGL, ‘Magontec,’ ‘the Company’ or ‘the Group’), a global manufacturer of specialist magnesium products, announced a record net profit after tax (NPAT) of $16.5 million for the 12 months to 31 December 2022 (‘2022’).
Magontec’s profitability and high cash flows were generated by margin expansion, growing market shares and innovative new products across its magnesium alloy and corrosion protection product lines.
Highlights
• Record financial results underpinned by growth in key metrics
o Net profit after tax (NPAT) of $16.5 million, compared to $5.0 million in the prior corresponding period (pcp)
o Gross profit up 101% vs pcp
o Operating Cashflow up 84.6% vs pcp
• Underlying Operating Cashflow* of $28.0 million.
• Group now debt free on a net basis – net cash position of $2.0 million as at 31 December 2022.
• Earnings per share (EPS) 21.5 cents, up from 6.5 cents in pcp.
• The Board declares an unfranked dividend of 1.2 cents per share for the year (interim dividend of 0.6 cents per share, unfranked).
*Underlying Operating Cashflow is Operating Cashflow excluding working capital movements, interest and tax paid
The full online version of our 2022 Annual Report can be found here.
Alternatively, the report can be downloaded in PDF format here.