Tamawood (ASX:TWD) reports 167.5% YOY surge in FY24 profit

Tamawood booked an increase in profit before tax for FY24, reporting $8.1 million compared to $3 million in FY23, marking a 167.5% rise.

The company attributed its performance to several factors, including the implementation of Project DeRisk, its integrated enterprise project management software system.

The continuity of supply of key building products and a robust base of long-term subcontractors and suppliers also played crucial roles.

Tamawood also reported an increase in cash on hand, totalling $6.1 million at year-end, up from $5.2 million in FY23.

The Tamawood board anticipates reinstating final dividends by December, pending a decision on the dividend amount and franking status.