The Cleanaway Waste Management Ltd (ASX: CWY) share price rose 13% today after the company reported.
Cleanaway is Australia’s largest waste management business that deals with many types of waste including general waste, recycling, industrial services, construction & demolition waste and medical waste. Cleanaway has been operating for more than 50 years.
What Cleanaway Reported
In statutory terms, Cleanaway grew net revenue by 47.4% to $1.06 billion. EBITDA increased by 43.2% to $220.8 million (click here to learn what EBITDA is).
Net profit after tax (NPAT) increased by 35.1% to $60.8 million and earnings per share (EPS) grew by 11.1% to 3 cents per share. The company said that underlying EPS actually increased by 26.9% to 3.3 cents per share.
This good result gave the Cleanaway Board confidence to grow the interim dividend by 50% to 1.65 cents per share.
Cleanaway CEO Vik Bansal said: “While margins have improved compared to the second half of FY18, we believe that further improvements can be achieved as we continue to implement synergies and operational improvements across every one of the segments and businesses within the Company.”
Cleanaway’s result was certainly impressive and it could be one to keep watching over the next couple of years. I like that it seems to have defensive earnings – we all keep throwing things away every week.
Cleanaway isn’t the only business growing profits impressively, the ASX shares in the free report below are also growing rapidly.
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