Kmart and chemicals deliver for Wesfarmers

A fruitful year for Kmart and WesCEF have helped Wesfarmers post a solid result for 2023, as the conglomerate gears up for its first sales from lithium outfit Mt Holland next year.

The retail, industrials and soon-to-be mining business reported full year results to the market on Friday. 

Net profit after tax grew 4.8 per cent to about $2.4 billion for the year ended June 2023, spurred by strong performances across Kmart, Bunnings and WesCEF. 

Wesfarmers said Kmart - which recorded revenue growth of 16.5 per cent for the period - had delivered a strong performance as trading conditions normalised post-COVID. 

Earnings for Kmart were 52.3 per cent higher than the previous year at $769 million, a record for the division. 

WesCEF was also a standout, with revenues up 8.7 per cent at $3.3 billion in what the group said was a reflection of strong ammonia prices and demand from Western Australian miners. 

Looking ahead, the group is still targeting first sales of spodumene concentrate from the Mt Holland lithium mine in 2024.

Wesfarmers also said it made good progress on building its lithium hydroxide refinery in Kwinana during the period. 

Shares in Wesfarmers closed the day up by 3.2 per cent to trade at $51.