With earnings season officially over, we profile 13 ASX companies that delivered some of the most impressive profit boosts of the season.
In some cases, these big profit jumps led to massively increased dividends for investors, too.
Which ASX stocks delivered the biggest profit increases?
Aussie Broadband Ltd (ASX: ABB)
The broadband services provider stunned the market when it revealed a catapulted net profit after tax (NPAT) of $21.7 million for FY23, up 1,569% on FY22. The company said the impressive growth was due to significant expansion of its residential and wholesale segments. This ASX stock does not pay dividends.
Pilbara Minerals Ltd (ASX: PLS)
The ASX 200 lithium miner delivered a stunning underlying NPAT of $2.27 billion, up 329% on FY22. This was due to a 68% increase in sales volumes and an 87% boost to its average realised lithium price. Pilbara announced a fully franked final dividend of 14 cents per share for investors. This ASX mining stock only began paying dividends in March 2023 with a maiden interim dividend payment of 11 cents per share.
IGO Ltd (ASX: IGO)
Higher lithium prices also helped IGO deliver a 278% increase in underlying NPAT at $1.53 billion. IGO will reward shareholders with a fully franked final dividend of 60 cents per share — 1,100% higher than last year — including a special dividend of 16 cents. This places IGO among the ASX stocks delivering the best dividend boosts this earnings season.
GUD Holdings Limited (ASX: GUD)
The automotive parts aftermarket retailer reported a 251.8% statutory NPAT bump to $98.6 million. The company said this was driven by 6.5% organic growth and full-year contributions from the acquired businesses of APG and Vision X. The ASX stock will pay 22 cents per share fully franked, in line with FY22.
Accent Group Ltd (ASX: AX1)
Footwear retailer Accent reported a 182% higher NPAT of $89 million for the 53 weeks ending 2 July. The company said strong sales results were achieved across all of its major brands, including Platypus, Hype DC, Vans, and Dr Martens. The ASX retail stock will pay a final dividend of 5.5 cents per share with 100% franking. That's 22% higher than the final dividend of FY22.
Insurance Australia Group Ltd (ASX: IAG)
Rising inflation allowed insurance companies to raise their prices in 2023, which partly contributed to IAG reporting a 140% increase in NPAT to $832 million. The insurer is sharing the spoils with investors by raising its final dividend by 80% to 9 cents per share. The ASX stock's final dividend carries 30% franking.
Origin Energy Ltd (ASX: ORG)
Amid rapidly rising electricity prices for consumers, it was little surprise to see this ASX 200 energy provider reporting a big profit boost — 84% to be exact — to $747 million in FY23. Origin attributed the growth to improved earnings across its energy markets, Octopus Energy, and integrated gas segments. The ASX stock will pay a fully franked final dividend of 20 cents per share, up from 16.5 cents in FY22.
AUB Group Ltd (ASX: AUB)
The ASX 200 insurance broker revealed a 74% increase in underlying NPAT to $129.1 million due to agency expansion and a higher-than-expected nine-month contribution from the Tysers acquisition. The company will pay a fully franked final dividend of 47 cents per share, which is 24% higher than in FY22.
Inghams Group Ltd (ASX: ING)
The poultry business reported a 72.1% boost to reported NPAT at $60.4 million. The company said demand was outstripping supply in the poultry market. In addition, it raised prices in FY23 to offset increased input costs, such as feed, due to inflation. The ASX stock will pay a final dividend of 10 cents per share, fully franked. That's a heck of a lot better than the paltry half-cent final dividend in FY22!
APM Human Services International Ltd (ASX: APM)
APM reported a 72% increase in its statutory net profit after tax before amortisation of customer contracts (NPATA) to $159 million. The company said it expanded its market share with new contract wins in North America and the United Kingdom, along with several acquisitions. The company will pay a final dividend of 5 cents per share fully franked. That's the same as its FY22 final dividend.
Suncorp Group Ltd (ASX: SUN)
This ASX banking and insurance stock reported a 69% higher NPAT of $1.15 billion, partly achieved by the company raising gross written premiums across Australia and New Zealand by an average of 10.8%. Suncorp rewarded its shareholders with a 59% higher final dividend of 27 cents per share, fully franked.
Hub24 Ltd (ASX: HUB)
The financial services provider wowed investors with a 64% increase to underlying NPAT at $58.8 million. The company said its platform funds under administration (FUA) rose by 26% and the number of active advisers using the platform increased by 15%. The ASX stock will splash the cash with a fully franked 18.5-cent final dividend, up almost 50% on FY22.
Johns Lyng Group Ltd (ASX: JLG)
The building company also reported an NPAT increase of 64% to $62.8 million. Johns Lyng completed six acquisitions over FY23. It was also very busy with a significant number of renovations and rebuilding work arising from La Nina weather events. The ASX stock will pay a fully franked final dividend of 4.5 cents, up from 3 cents in FY22.
