A strong recovery in the residential market has allowed REA Group to pay shareholders a record dividend, with revenue and profit rising significantly through the last 12 months.
The company’s revenue rose 13 per cent to $927.8 million while net profit climbed 178 per cent to $313 million.
Revenue growth was driven by a 13 per cent increase in the Australian business, reflecting a strong residential market recovery despite significant first quarter listing declines in Melbourne due to COVID lockdown measures.
“This has been a defining year for REA, successfully navigating the pandemic to deliver an excellent financial result and emerge an even stronger business,” said REA Group chief executive Owen Wilson.
“I am very proud of our team’s ability to respond to the changing needs of our customers and consumers during the pandemic, while also accelerating our growth strategy through a number of pivotal investments.
“Our flagship site realestate.com.au delivered stellar results, extending its position as the clear market leader in digital real estate and it is now Australia’s eight largest online brand overall.”
REA Group declared a final dividend of 72¢ a share, its highest ever dividend payment.