Page 1

finbar developing better lifestyles developing better lifestyles ASX RELEASE / MEDIA STATEMENT February 24 , 2021 For immediate release Finbar reports half year profit of $ 4.023M Finbar confirms H1 FY21 net profit after tax of $ 4.023m Sales levels reaching five year record highs supporting new works and growth Construction of landmark Civic Heart project commenced in February 2021 • • · Finished the year with strong cash levels of $ 31.5m • • Fully franked interim dividend of $ 0.02 per share Continued strong cash flow expected from selldown of completed debt free stock PERTH 24 FEBRUARY 2021 : Western Australia's leading apartment development company , Finbar Group Limited ( ASX : FRI ) ( Finbar or the Company ) has today announced a net profit after tax of $ 4.023 million for the first half of the 2021 financial year ( H1 FY2021 ) . A detailed breakdown of earnings for the period shows that sales at the company's remaining stock at Sabina ( 27 % ) , Palmyra ( 14 % ) , and recently completed Riverena ( 20 % ) projects were the largest financial contributors for the period . The result marks the company's 25th consecutive year of profit and comes on the back of significant market uncertainty as the COVID - 19 pandemic continues to impact global markets and economies . Finbar finished the reporting period with $ 31.5 million in cash and ongoing strong cash flow as the sell down debt free completed stock accelerates across its development portfolio . The company's rental assets - Pelago in the Pilbara and Fairlanes on Adelaide Terrace - contributed 7 % of earnings for HY21 and strong rental demand in the Pilbara is seeing full occupancy and an increase in asset book values . Construction has now commenced at the company's landmark Civic Heart project in South Perth on the back of robust presales momentum , with construction at its AT238 project also being brought forward to commence next month ( March 2021 ) . Construction at its Dianella project continues and is estimated to be completed in the first quarter of next financial year . Commenting on the half - year financial results today , Finbar Managing Director , Darren Pateman , said that the results largely reflect the sell down on stock from previous reporting periods . Finbar was pleased to see market positivity and confidence growing into 2021 following the initial impact of the pandemic on financial markets . $ 34.6 million in sales occurred in January alone , historically a quiet sales month for the industry , and is the highest level recorded since 2006 . finbar.com.au finbar developing better lifestyles