Abacus Group Reports Revenue Rise and Profit Fall

Abacus Property Group (AU:ABG) has released an update.

Abacus Property Group has announced a 36.5% increase in total revenues to $194.1m despite a significant downturn in net profit, which plummeted over tenfold to a loss of $241.0m for the year ended June 30, 2024. The company has also undergone a structural change, separating its Self Storage business from its Commercial business, resulting in two independently listed entities and a change of its ASX code from ABP to ABG. Notably, funds from continuing operations saw a modest rise of 3.2%, and the distribution per stapled security is proposed at 8.50 cents.

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