08:57 AM EDT, 04/11/2024 (MT Newswires) -- ADF Group Inc. ( ADFJF ) , which makes steel structures and components for the construction industry on Thursday reported a more than doubling in net income for the fiscal year ended Jan. 31, 2024.

Net income rose to $37.6 million, or $1.15 per basic and diluted share, up from near $15 million, or $0.46, the previous year. Revenue rose to $331 million from $250.9 million in the previous fiscal year.

ADF Group ( ADFJF ) aid it will pay a semi-annual dividend of $0.01 per subordinate voting share and per multiple voting shares. The dividend will be paid on May 15 to shareholders of record as at April 26.

At the end of January, the company had a working capital of $110.1 million, up 68% from a year ago. ADF generated cash flow from operating activities of $77.9 million during the just-concluded fiscal year.

"These results reflect ADF's efforts and strategies over the past few years, from the construction of our state-of-the-art fabrication plant in Great Falls, Montana nearly 10 years ago, to our investment in robotization and increased automation of our fabrication process at our Terrebonne plant, in Quebec," said Jean Paschini, Chairman of the Board of Directors and Chief Executive Officer. "During this period, ADF has invested over $110 million to strengthen its position as one of North America's leading fabricators of all types of steel structures and heavy steel components. Today, we are reaping the fruits of this work."

The shares rose 2.5% yesterday to $9.60.