Finbar Group Limited (ASX:FRI), a leading property developer in Western Australia, has posted a strong performance for FY24, with a comprehensive income increase of $13.6 million, bringing total earnings to $16.4 million. The year was marked by the successful completion of the Civic Heart project in South Perth, which had a significant impact on the company’s bottom line.
The group’s financial position remains robust, with a cash balance of $220.1 million at the close of FY24. However, $173.5 million of this was allocated to repay the Civic Heart construction facility, leaving Finbar with $46.6 million. The company also reported a healthy pipeline of pre-sales worth $381 million across its ongoing projects, including Aurora and The Point.
CEO Darren Pateman highlighted the significance of these achievements, stating, “The completion of Civic Heart is a key milestone for Finbar, showcasing our commitment to delivering quality developments. We remain focused on driving further growth through our project pipeline.”