Australia's Inghams posts record gains on huge final dividend

Inghams

17/08/2023 01:59

** Shares of Inghams Group Ltd  ING.AX  surge as much as
17.3% to A$3.26, marking their biggest-ever intra-day jump
    ** Poultry producer declares final dividend of 10 Australian
cents per share, taking total dividends for the year to 14.5
cents, more than double from a year ago
    ** ING posts 72.1% jump in annual net profit after tax to
A$60.4 mln ($38.66 mln)
    ** "The strong recovery in revenue and profit during FY23,
supported by the ongoing stabilisation of operations and a
continued recovery in farming performance, provides a platform
for earnings growth" - ING
    ** Stock tops gains on the benchmark index  .AXJO , which is
down 1%
    ** Stock hits highest level since March 10
    ** About 1.8 mln shares change hands, vs the 30-day average
volume of ~642,000 shares
    ** ING down 2.8% YTD as of last close    

($1 = 1.5625 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))