ARB Corporation Releases Positive Trading Update

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ARB Corporation Releases Positive Trading Update

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  • 60.9 per cent growth in unaudited sales.
  • 4.8 per cent growth in sales where sector only grew 1.4 per cent.
  • Exports markets showing positivity.

ARB Corporation Limited on the 12th of January 2021 provided an update for the half-year ending on 31st of December 2020. The announcement detailed an unaudited sales revenue of AUD284 million, which is a 21.6 per cent growth compared to the prior corresponding period (pcp).

These figures are based upon unaudited, preliminary figures of management accounts, where profit before tax for the first half is within the range of AUD70 million and AUD72 million, inclusive of AUD9.8 million of non-recurring government benefits. The company expects to release audited results on the 16th of February 2021.

The company thus has a positive short-term outlook based on the strong order book and record recent sales. ARB warns that even though the performance was significantly positive, this information is no indicator that the second half will perform similarly due to a volatile macroeconomic environment.

When looking at the annual general meeting on the 15th of October, investors can track positive financial movements for ARB. In 2020, group sales grew by 60.9 per cent, representing a 4.8 per cent growth in revenue to AUD465.4 million. Compounded, this growth rate comes out at 7.4 per cent over ten years, even with only 1.4 per cent growth within the Australian Auto Aftermarket.

Original equipment manufacturers have declined, as well as new vehicle sales. ARB’s target market are cars which are medium to large Sport Utility Vehicles (SUVs) and 4WD utilities. Due to a decline in new cars on the road, ARB’s target pool has declined by 9.3 per cent, yet still represents a 49.6 per cent of all vehicles sold.

This has not affected ARB as significantly this year due to a 16.9 per cent growth in the export market helping mitigate these factors. Two acquisitions in New Zealand, as well as positive American sales, have contributed. Similarly, Asian countries rebounded from an early recovery from COVID-19 and have helped bring about resiliency on the foreign front.

Analysing FY2020 Net Profit After Tax (NPAT), foreign exchange rates have hindered the business with the Australian dollar rising against the Thai Baht only in the first half of FY21. NPAT rose by 0.3 per cent, which amounts to AUD57.3 million, amid an uncertain macro environment.

Cashflow looks healthy coming in at AUD91.2 million from operations, which shows an increase of AUD41.2 million. The dividend ratio of 55 per cent is consistent with prior consideration and follows a general uptrend from 2011.

On the 8th of January, Citi Bank upgraded their recommendation for ARB Corporation from a Neutral to a Buy, as they identified positive momentum for car sales in Australia alongside favourable currency movements.

Caroline Wong

Caroline Wong is a Research Analyst at KOSEC – Kodari Securities. She writes on markets and focuses on ASX Top 300 companies. Email Caroline at c.wong@kosec.com.au.

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[data:protected] => Array ( [id] => 516483 [key] => dd_owl_loop [value] => ) ) [12] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516484 [key] => dd_owl_show_cta [value] => ) [data:protected] => Array ( [id] => 516484 [key] => dd_owl_show_cta [value] => ) ) [13] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516485 [key] => dd_owl_show_title [value] => ) [data:protected] => Array ( [id] => 516485 [key] => dd_owl_show_title [value] => ) ) [14] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516486 [key] => dd_owl_title_heading [value] => ) [data:protected] => Array ( [id] => 516486 [key] => dd_owl_title_heading [value] => ) ) [15] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516487 [key] => dd_owl_center [value] => ) [data:protected] => Array ( [id] => 516487 [key] => dd_owl_center [value] => ) ) [16] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516488 [key] => dd_owl_mousedrag [value] => ) [data:protected] => Array ( [id] => 516488 [key] => dd_owl_mousedrag [value] => ) ) [17] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516489 [key] => dd_owl_duration [value] => ) [data:protected] => Array ( [id] => 516489 [key] => dd_owl_duration [value] => ) ) [18] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516490 [key] => dd_owl_transition [value] => ) [data:protected] => Array ( [id] => 516490 [key] => dd_owl_transition [value] => ) ) [19] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516491 [key] => dd_owl_stop [value] => ) [data:protected] => Array ( [id] => 516491 [key] => dd_owl_stop [value] => ) ) [20] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516492 [key] => dd_owl_orderby [value] => ) [data:protected] => Array ( [id] => 516492 [key] => dd_owl_orderby [value] => ) ) [21] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516493 [key] => dd_owl_navs [value] => ) [data:protected] => Array ( [id] => 516493 [key] => dd_owl_navs [value] => ) ) [22] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516494 [key] => dd_owl_dots [value] => ) [data:protected] => Array ( [id] => 516494 [key] => dd_owl_dots [value] => ) ) [23] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516495 [key] => dd_owl_thumbs [value] => ) [data:protected] => Array ( [id] => 516495 [key] => dd_owl_thumbs [value] => ) ) [24] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516496 [key] => dd_owl_css_id [value] => ) [data:protected] => Array ( [id] => 516496 [key] => dd_owl_css_id [value] => ) ) [25] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516497 [key] => dd_owl_cta [value] => ) [data:protected] => Array ( [id] => 516497 [key] => dd_owl_cta [value] => ) ) [26] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516498 [key] => dd_owl_btn_class [value] => ) [data:protected] => Array ( [id] => 516498 [key] => dd_owl_btn_class [value] => ) ) [27] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516499 [key] => dd_owl_excerpt_length [value] => ) [data:protected] => Array ( [id] => 516499 [key] => dd_owl_excerpt_length [value] => ) ) [28] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516500 [key] => dd_owl_margin [value] => ) [data:protected] => Array ( [id] => 516500 [key] => dd_owl_margin [value] => ) ) [29] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516501 [key] => dd_owl_image_options [value] => ) [data:protected] => Array ( [id] => 516501 [key] => dd_owl_image_options [value] => ) ) [30] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516502 [key] => dd_owl_post_taxonomy_type [value] => ) [data:protected] => Array ( [id] => 516502 [key] => dd_owl_post_taxonomy_type [value] => ) ) [31] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516503 [key] => dd_owl_post_taxonomy_term [value] => ) [data:protected] => Array ( [id] => 516503 [key] => dd_owl_post_taxonomy_term [value] => ) ) [32] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516504 [key] => dd_owl_post_ids [value] => ) [data:protected] => Array ( [id] => 516504 [key] => dd_owl_post_ids [value] => ) ) [33] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516505 [key] => dd_owl_tax_options [value] => ) [data:protected] => Array ( [id] => 516505 [key] => dd_owl_tax_options [value] => ) ) [34] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516506 [key] => dd_owl_btn_display [value] => ) [data:protected] => Array ( [id] => 516506 [key] => dd_owl_btn_display [value] => ) ) [35] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516507 [key] => dd_owl_btn_margin [value] => ) [data:protected] => Array ( [id] => 516507 [key] => dd_owl_btn_margin [value] => ) ) [36] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516508 [key] => dd_owl_img_width [value] => ) [data:protected] => Array ( [id] => 516508 [key] => dd_owl_img_width [value] => ) ) [37] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516509 [key] => dd_owl_img_height [value] => ) [data:protected] => Array ( [id] => 516509 [key] => dd_owl_img_height [value] => ) ) [38] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516510 [key] => dd_owl_img_crop [value] => ) [data:protected] => Array ( [id] => 516510 [key] => dd_owl_img_crop [value] => ) ) [39] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516511 [key] => dd_owl_img_upscale [value] => ) [data:protected] => Array ( [id] => 516511 [key] => dd_owl_img_upscale [value] => ) ) [40] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516512 [key] => dd_owl_items_width1 [value] => ) [data:protected] => Array ( [id] => 516512 [key] => dd_owl_items_width1 [value] => ) ) [41] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516513 [key] => dd_owl_items_width2 [value] => ) [data:protected] => Array ( [id] => 516513 [key] => dd_owl_items_width2 [value] => ) ) [42] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516514 [key] => dd_owl_items_width3 [value] => ) [data:protected] => Array ( [id] => 516514 [key] => dd_owl_items_width3 [value] => ) ) [43] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516515 [key] => dd_owl_items_width4 [value] => ) [data:protected] => Array ( [id] => 516515 [key] => dd_owl_items_width4 [value] => ) ) [44] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516516 [key] => dd_owl_items_width5 [value] => ) [data:protected] => Array ( [id] => 516516 [key] => dd_owl_items_width5 [value] => ) ) [45] => WC_Meta_Data Object ( [current_data:protected] => Array ( [id] => 516517 [key] => dd_owl_items_width6 [value] => ) [data:protected] => Array ( [id] => 516517 [key] => dd_owl_items_width6 [value] => ) ) ) )