Australian property developer Cedar Woods Properties (ASX:CWP) announced a record net profit after tax of $39.6 million for the first half of the 2026 financial year.
The result represents a 163% increase compared to the $15.0 million reported in the previous corresponding period.
Driven by strong sales conditions, price growth, and reduced marketing expenditure, the company has subsequently upgraded its full-year NPAT growth guidance to a range of 30% to 35%, up from the previously forecast minimum of 20%.
Revenue for the half reached $274.8 million, a 40% year-on-year increase, while gross margins improved to 31%.
Managing Director Nathan Blackburne attributed the performance to a nationwide housing shortage, low unemployment, and sustained population growth.
The company’s forward outlook is supported by $748 million in presales, compared to $642 million a year prior.
While earnings are weighted toward the first half, Cedar Woods anticipates continued growth into FY27, noting that over half of that year's forecast revenue is already presold.
The group maintains a conservative position with a gearing ratio of 10% and over $170 million in available bank facility headroom.
The company extended its corporate finance facilities with major Australian lenders through 2029 and 2031.
The board declared a fully franked interim dividend of 14 cents per share, marking a 40% increase over the previous year's interim distribution.
At the time of reporting, Cedar Woods Properties' share price was $8.28.