Woolworths lifts profit to $1.75 billion

Company News

by Rachael Jones

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Last Updated: 6/12/2019 12:28 PM

Woolworths (ASX:WOW) has increased its net profit after tax 7.2 per cent to $1.75 billion for the year, helped by strong food sales in its supermarkets.

This financial year saw a number of landmark transactions for the Group -The sale of Petrol was finalised in April with the proceeds of $1.7 billion returned to shareholders through a share buy-back.

In July, they announced the planned merger of Endeavour Drinks and ALH, to be followed by a demerger.

The company phased-out single-use plastic bags from all businesses, and transitioned away from $1 per litre milk pricing delivering $19 million in relief to dairy farmers.

F19 dividend per share is up 9.7 per cent on last year at $1.02 on 2018.

Shares in Woolworths (ASX:WOW) closed 0.58 per cent higher at $36.18 yesterday. 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.