The operator of Perth’s biggest fresh food trading hub has banked a $21 million profit courtesy of a sharp rise in the value of the unlisted public company’s property holdings.
The operator of Perth’s biggest fresh food trading hub has banked a $21 million profit courtesy of a sharp rise in the value of the unlisted public company’s property holdings.
Perth Markets Group Limited last week revealed profit was up 37 per cent for the 2024-25 financial year.
The Group owns and operates a sprawling 51-hectare trading precinct in Canning Vale, home to Perth’s central fresh food trading hub, Market City commercial precinct, and a weekend retail market.
PMGL’s financial result is underpinned by a review from CBRE, which increased its valuation on the company’s properties by about $35m to $308.5m at the end of last financial year.
That figure comprised of a $19m valuation uplift on Perth Markets’ existing portfolio, and $16.5m worth of new buildings and upgrades.
Among those was a new 3,500sqm cold storage warehouse completed in December last year.
On the operational front, PMGL made $31.6m revenue from its property tenants, services such as waste transfer, and sales at its weekend market.
Revenue from the weekend retail market was up 20 per cent to $1.2m.
PMGL chairman John Groppoli said the performance positioned the group well for further investment.
“The continued growth in our underlying operating profit, combined with a significant uplift in asset value, reflects the strength of our strategic direction and the resilience of our business model,” he said.
The group expects to switch its warehouses to solar power by March next year which it says will lower costs for tenants, improve electricity price margins, and boost the company’s sustainability credentials.
That 5MW solar array will make energy available to a virtual power plant operated by Enel X.
Some $4m in dividends was paid out to shareholders for the 2024-25 financial year.
Brisbane Markets Limited owns 49 per cent of the company, United Crate Co-Operative owns about 18 per cent, and Market West about 3.6 per cent.
Among its directors are Olympic Fine Foods owner Frank Romano, United Crate Co-Operative chairman Miroslav Lendich, Claudia Cunningham from fresh food wholesaler Etherington, and Mercer Mooney executive director Paul Neale.
About 250,000 tonnes of fresh food is traded through the Canning Vale site each year.
