Despite the economic impact of the COVID-19 pandemic, America’s largest builder reported strong quarterly profits on the back of a robust housing market.

Construction giant D.R. Horton reported a 64% net income increase to $829 million for the fourth quarter of the 2020 fiscal year. The company also reported an 26% increase in homes closed to 20,248 homes and 28% increase in value to $6.1 billion.

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Meanwhile, net sales orders increased 81% to 23,726 homes and 84% in value to $7.3 billion

The company’s strong results align with the continued growth of the US housing market as a bright spot amid the financial gloom caused by the pandemic. Last month, the National Association of Realtors reported that existing-home sales in September grew 9.4% compared to August and 20.9% versus the same period last year.

“The D.R. Horton team finished the year strong, highlighted by an 81% increase in net sales orders in the fourth quarter to 23,726 homes, a 60% increase in consolidated pre-tax income to $1.1 billion and a 27% increase in revenues to $6.4 billion,” said Donald R. Horton, chairman of the board at D.R. Horton. “Over the last five years, we have grown our consolidated revenues by 88% and our earnings per share by 216%, while also generating $5.2 billion of cash flows from homebuilding operations, more than doubling our book value per share, reducing our homebuilding leverage to 17.5%, and significantly increasing our returns on inventory and equity to greater than 20%. These results reflect the strength of our experienced teams, industry-leading market share, broad geographic footprint and affordable product offerings across multiple brands.

Horton said that the company’s “strong balance sheet, liquidity, and low leverage provide us with flexibility to operate effectively through changing economic conditions, and we plan to maintain our disciplined approach to investing capital to enhance the long-term value of our company.”

“With 38,000 homes in inventory, an ample supply of lots and continued strong sales trends in October, we are well-positioned for another great year in fiscal 2021,” he said.