SYDNEY, AAP – Property giant Goodman Group has improved full-year profit by more than 53 per cent but shareholders will not see more in dividends.

Goodman on Thursday said more businesses needed warehouses to capitalise on people consuming increased goods during the pandemic.

Net profit after tax was $2.31 billion.

Revenue increased by more than 44 per cent to $3.8 billion.

Shareholders will receive a final dividend of 15 cents per security. This is the same as last year’s final payout.

Chief executive Greg Goodman said development activity should be sustained over the coming year. Multi-storey developments would be a meaningful contributor, he said.

However, shareholders cannot expect to receive a bigger payout.

Goodman has forecast its full-year distribution to be the same as the past one, 30 cents per security.

Investors were unimpressed and sent shares lower by 2.76 per cent to $22.52 at 1457 AEST.