Argo Investments show an increase of 33.7% in full year profit

Company News

by Rachael Jones

Argo Investments (ASX:ARG) has announced a 33.7 per cent increase in full year profit to $292.7 million.

The large increase in reported profit was significantly influenced by a one-off, non-cash income item of $36.1 million, due to the demerger of Coles Group from Wesfarmers.

Excluding this income item, Argo’s profit was $256.6 million, an increase of 17.2 per cent on the previous full year result.

The final dividend has been raised to 17.0 cents per share, fully franked.

The board was pleased to raise annual dividends for the seventh year in a row to 33.0 cents per share fully franked.

That's an increase of 4.8 per cent on last year and record high for the Company.

Shares in Argo Investments (ASX:ARG) trading 0.12 per cent higher at $8.29.