Don Meij, Reg Rowe and Adrian di Marco among the corporate titans who got richer in 2021
Many of Queensland’s richest business people finished the year on an even higher note, as the value of their ASX-listed companies grew along with consumer demand.
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THE people behind some of Queensland’s biggest companies have seen a surge in their wealth as the Australian sharemarket rallied 13 per cent in 2021.
The Covid-19 pandemic sparked a wave of demand for everything from camping equipment and home entertainment to takeaway meals and clothes, fattening the bottom line of some of the state’s most well-known brands.
Domino’s Pizza shares surged 36 per cent to $118.03 over the year as its profit was boosted by surging demand for takeaway meals during lockdowns. That was good news for chief executive Don Meij, whose stake in the fast food giant grew $56m to $212m over the year.
Hungry Jacks founder Jack Cowin, Domino’s chairman, saw his 23 million shares in the Brisbane-based company climb to $2.7bn.
Ord Minnett Queensland state manager David Lane said retailers had been major beneficiaries of the rise in consumer spending during the pandemic.
“For decades, Australia’s consumer spending had been trending strongly towards services and experiences,” Mr Lane said. “We had become accustomed to eating out, enjoying movies, concerts and each other’s company. The last two years have forced us to break this nexus, with a greater proportion of our spending now on ‘things’.”
Super Retail Group founder Reg Rowe saw his 68.5 million shares in the auto and outdoor equipment retailer rocket 18 per cent to more than $850m. The retailer, which runs the Supercheap Auto, Rebel Sport, BCF and Macpac brands, reported a record profit amid Covid-led demand for outdoor recreation and automotive goods.
Brisbane-based Michael Hill International found there was plenty of sparkle in the Christmas shopping period despite a year marred by pandemic lockdowns.
Founded in 1979 by Sir Michael Hill, the jewellery retailer – which operates in Australia, New Zealand and Canada – upgraded its earnings at the end of last year.
Michael Hill shares rallied 106 per cent in 2021, propelling the value of Sir Michael’s 148 million shares in the jeweller to almost $205m.
TechnologyOne’s shares surged 56 per cent, boosting founder Adrian Di Marco’s 17m or so shares in the company to more than $220m.
In the travel sector, Flight Centre’s shares recovered 11.2 per cent to $17.62 as Covid-19 restrictions eased. That lifted the value of CEO Graham Turner’s stake in the company to $293m.
Jamie Pherous, the founder of Brisbane-based Corporate Travel Management, also recovered some of his wealth. The value of his 17.5m shares surged almost 26 per cent to $385m.
It wasn’t all good news for Queensland’s richlisters. Tom Cregan’s 15.2m shares in fintech EML Payments plunged 23 per cent in value to $50.1m.
Mr Lane said he was cautiously optimistic about 2022 despite uncertainty about the Omicron strain of Covid and rising inflation.
“The healthy economic conditions should continue to underpin strong equity markets in 2022,” he said.
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