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- Harvey Norman (HVN) repays $6 million in JobKeeper subsidiaries following strong profits in FY21
- The company recorded a 15.3 per cent increase in total revenue to $9.72 billion and a 75.1 per cent increase in profit after tax of $841 million
- The homeware and electronic retailer apparently received around $22 million in JobKeeper payments
- On the back of the results, HVN agreed to pay a dividend of 15 cents per share
- On the market today, Harvey Norman is down 3.24 per cent and is trading at $5.38 per share
Following pressure by the public Harvey Norman (HVN) has repaid $6 million in JobKeeper subsidiaries following record profits for FY21.
In May, Harvey Norman was criticised on Twitter following news it was allegedly pocketing millions of dollars from JobKeeper payments. This led to the company blocking a lot of people and eventually deleting its Twitter account.
Notably, there are ongoing calls for companies that accrued billions of dollars from JobKeeper payments despite their businesses not suffering by the pandemic to return the money.
Harvey Norman apparently received around $22 million in JobKeeper payments but it has agreed to pay back $6 million of that money.
The furniture and electronics giant recorded a 15.3 per cent increase in total revenue to $9.72 billion and a 75.1 per cent increase in profit after tax of $841 million.
It’s good news for HVN shareholders, with the company paying a dividend of 15 cents per share.
Earnings before interest, tax, depreciation and amortisation was $1.4 billion, a 54.2 per cent increase from FY20.
Harvey Norman had $248 million cash at the end of the period.
Chairman, Gerry Harvey, is pleased with the results from FY21.
“The solid cash flows generated from operating activities has enabled us to build our brand overseas and grow our businesses, refurbish our existing stores and invest in new property acquisitions and paydown external debt. Our net debt to equity ratio remains low at 7.47 per cent as at 30 June 2021.”
On the market today, Harvey Norman is down 3.24 per cent and is trading at $5.38 per share at 12:31 pm AEST.
