Which ASX shares delivered the biggest profit jumps of the earnings season?

With earnings season nearing an end, we showcase 12 ASX shares that delivered some of the best profit boosts this season.

In some cases, these mega profit gains led to significantly increased dividends for ASX investors, too.

Which ASX shares delivered the biggest profit increases?

Here is a selection of companies that delivered significant profit surges.

Neuren Pharmaceuticals Ltd (ASX: NEU)

The ASX biotech revealed a $157 million profit after tax in FY23, up from just $184,000 in FY22. Last year was a huge year for Neuren, which licenced its first drug, Daybue, to US partner Acadia Pharmaceuticals following FDA approval. The company does not pay dividends.

Origin Energy Ltd (ASX: ORG)

Origin Energy reported an underlying profit of $747 million in 1H FY24, up by almost 1,600% on the $44 million reported for 1H FY23. Earnings in the electricity and natural gas segments increased due to the recovery of higher wholesale costs from previous periods, plus lower fuel costs. Origin shares will pay ASX investors a fully franked interim dividend of 27.5 cents per share, up 66% on 1H FY23.

Flight Centre Travel Group Ltd (ASX: FLT)

Flight Centre reported a 565% lift in its underlying profit before tax to $106 million in 1H FY24. Revenge travel and historically low cost margins of just under 10% contributed to the profit surge. Flight Centre announced its first interim dividend since 2019. It will pay 10 cents per share, fully franked.

AGL Energy Limited (ASX: AGL)

Australia’s largest electricity generator reported $399 million in underlying profit after tax, up 358.6% for 1H FY24. AGL said a more stable market and higher wholesale electricity pricing from prior periods flowed through to the bottom line. The ASX utilities share will pay an interim dividend of 26 cents, up 225%.

MMA Offshore Ltd (ASX: MRM)

The marine services provider reported a massive 339% jump in underlying net profit after tax (NPAT) to $39.5 million in 1H FY24. The company said there was stronger demand for its vessels and services. No dividend will be paid.

Inghams Group Ltd (ASX: ING)

Poultry producer Inghams reported a 107.5% increase in underlying net profit to $69.3 million in 1H FY24, driven largely by net selling price growth and operational performance improvements. Inghams shares will pay a fully franked interim dividend of 12 cents per share, up 167%.

Corporate Travel Management Ltd (ASX: CTD)

The corporate travel manager reported an underlying NPAT of $57.9 million, up 162% in 1H FY24 due to new customer accounts, improved efficiency, and better cost controls. The ASX travel share will pay an interim unfranked dividend of 17 cents per share, up 183% on 1H FY23.

Boral Ltd (ASX: BLD)

The building materials company reported an underlying NPAT surge of 143% to $138.6 million for 1H FY24. This was driven largely by strong price realisation, higher revenue and rigorous cost management. The board decided not to pay a dividend because of the company’s low franking credit balance.

QBE Insurance Group Ltd (ASX: QBE)

The insurance company reported a 105% rise in adjusted cash NPAT to US$1,362 million for FY23.
This was underpinned by strong premium growth and targeted new business growth. QBE will pay its ASX shareholders a final dividend of 48 cents per share, up 60%.

RPM Automotive Group Ltd (ASX: RPM) 

RPM Global reported a record half NPAT, up 74% to $2.2 million. The company said the change from perpetual to subscription licensing continued to provide both operating and financial leverage to the business. No dividend will be paid.

Macquarie Technology Group Ltd (ASX: MAQ)

The company reported an NPAT of $14.8 million, up 74% on 1H FY23. Macquarie Technology attributed the profit bump to increased earnings, lower interest costs, and lower depreciation and amortisation. No dividend will be paid by this ASX tech share.

Australian Ethical Investment Ltd (ASX: AEF)

The ethical funds manager reported an underlying NPAT of $8.5 million, up 71% in 1H FY24 due to increased customer numbers and net inflows. Funds under management rose 15% to $9.67 billion. Australian Ethical shares will pay an interim dividend of 3 cents per share, up 50%.

The post Which ASX shares delivered the biggest profit jumps of the earnings season? appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has positions in Flight Centre Travel Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Australian Ethical Investment and Corporate Travel Management. The Motley Fool Australia has recommended Australian Ethical Investment, Corporate Travel Management, Flight Centre Travel Group, and Mma Offshore. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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