Brickworks (ASX:BKW) lifts final dividend after 20% fall in profits

Brickworks (ASX:BKW) has booked a 20 per cent fall in after tax profits to $239.2 million for the year ending in July as costs related to its stake in Washington H. Soul Pattinson weighed.

The building products company said there was “a large one-off profit” relating to Brickworks’ stake in investment house Washington H. Soul Pattinson.

Other costs weighing on its net profits included restructuring costs and manufacturing plant slowdowns in North America which came in at $13 million.

The group’s underlying net profit after tax from continuing operations rose 95 per cent to $285 million for the 2021 financial year.

The Australian division saw EBITDA increase by 7 per cent to $97 million on “relatively steady” revenue of $687 million while the North American division saw EBITDA rise 10 per cent to $26 million on “marginally lower sales revenue” caused by the pandemic.

Brickworks declared a dividend of 40 cents per share bringing the full-year payout to a fully franked 61 cents per share, up 3 per cent from the year before.

Shares in Brickworks (ASX:BKW) are trading 2.2 per cent higher at $25.02.