Australian construction materials producer Adbri announced a 3.3% rise in net profit for the first half of the year. The company reported a net profit of AUD 49.7 million ($32.0 million) for the six months ending June 30. Additionally, their earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 16% to AUD 145.8 million.
Adbri attributed its success to strong price growth across most product lines. Despite a slight softening in the residential and retail sectors, the company expects demand for its products to remain robust in the second half of the year, with trading conditions similar to the first half. Adbri anticipates that their disciplined cost management and price increases will continue to drive positive results in the second half of 2023, leading to moderately higher EBITDA compared to the first half.
Due to capital requirements for the Kwinana upgrade project and elevated leverage at June 30, directors did not declare a dividend for the first half of the fiscal year.
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