Mirvac's profits increase 69 percent to see over $1 billion sales

Mirvac's profits increase 69 percent to see over $1 billion sales
Staff reporterDecember 7, 2020

Diversified property giant Mirvac has secured nearly a 70 percent increase in their profits given booming real estate markets.

The total profit of $1.033 billion is a sharp increase from its $610 million last year.

The group's operating profit however only rose six percent to $482 million from $455 million.

The jump in profits is down to the revaluation of investment properties - and the ones under construction - which totals $497 million, considerably higher than the $141 million posted last year. 

The group's office and industrial assets contributed $796 million to the totter $1.033 billion profit.

The office portfolio was boosted by recycling assets with sales of $1.6 billion since 2014, showing a passing yield of 7.1 percent.

Each sector of the groups market reported large boosts.

Mirvac's property portfolio

The residential land division business more than doubled from the year before and profits from retail rose to $243 million.

Their Woodlea, Rockbank subdivision in Melbourne's north-west and its Googong project in NSW secured the largest volume of sales.

They negotiated 258 offshore buyers and secured residential presages for the year of $2.9 billion, up nearly $1 billion on the previous year.

New developments for the group included 200 George Street and 8 Chifley in Sydney, Treasury Building in Perth and 699 Bourke Street in Melbourne.

Mirvac declared a final dividend of 5.2 cents a share, taking the total for unit holders over the year to 9.9 cents, up five per cent on the previous year.

Mirvac's diversification of sectors

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