Woolworths Group (ASX:WOW) shares are posting their most significant increase since March 30, 2020.

The company, which is Australia’s largest supermarket chain, has revealed a strong performance in its fiscal year results.

Announced were an annual net profit after tax, prior to significant items, of A$1.72 billion, demonstrating an increase from A$1.51 billion in the previous year.

The company also reported a fully-franked final dividend of 58 Australian cents per share.

Adding to good news for the supermarket chain, total Australian Food sales, the company’s biggest revenue stream, have grown by 5% in the fiscal year.

The company’s shares have increased by 7.9% year-to-date as of the last close, in contrast with a mere 1.2% increase in the benchmark index.

Woolworths Group is Australia’s largest supermarket chain with a wide array of offerings including groceries, general merchandise, and liquor.