Stocks of the Hour: Inghams, QBE Insurance & MyState

Company News

by Lauren Evans

Thanks for tuning in, I’m Lauren Evans for the Finance News. Lets take a look at the companies reporting today.

Firstly, our first investor event for the year is on Tuesday 22 February at 12.30 AEST with Shaw & Partner’s Chief Investment Officer Martin Crabb and four CEOs presenting. Make your way to to register for your free online spot.

Inghams (ASX:ING) posted its half year results for the 25 weeks ending December 25. The poultry producer’s revenue rose 1.8 per cent to $1.39 billion, its underlying net profit after tax climbed 5.9 per cent to 39.7 million and its EBITDA lifted 2.2 per cent to $220.4 million. The company said the improvement reflected the effective management of lockdowns, but it still expects challenges from Covid-19 to impact the second half. The company declared a dividend of 6.5 cents per share, to be paid on April 7 this year. Shares are trading 5.1 per cent lower at $3.35.

QBE Insurance (ASX:QBE) posted its full year results for the 2021 calendar year. The insurer reported a net profit after tax of US$750 million, compared to a loss of US$1.5 billion in 2020. The insurer said the turnaround result reflected strong premium growth, up 22 per cent, while chief executive Andrew Horton said the industry environment remains uncertain around inflation and low interest rates. QBE will pay a final dividend of 19 cents a share, taking the full year dividend to 30 cents per share, up from 4 cents from the prior year. Shares are trading 9.3 per cent lower at $11.48.

MyState (ASX:MYS) posted its half year results for the six months ending December 31. The financial company’s net profit after tax fell 2.4 per cent to $16.6 million, while its revenue increased 3.4 per cent to $71 million. MyState blamed the profit fall on higher operating costs as the bank continues to invest in marketing and brand building. The board declared an interim dividend of 12.5 cents per share for the half year, in line with the priod corresponding period. Shares are trading 6.6 per cent lower at $4.92.

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