Sales growth in Australia, Europe and the US has helped James Hardie boost its annual profit to $US291 million ($A369.57 million).

The value of sales of the company’s construction materials rose 11 per cent in the year to March 31, driven by stronger housing construction activity in the US and Australia.

A weaker Australian dollar, and the beneficial impact that has on James Hardie’s asbestos liabilities, was also a major contributor to the company’s profit growth.

Its net profit was almost triple the $US99.5 million made in the previous year.

James Hardie said it expects modest growth in the US housing market in the year ahead, while sales in Australia are also expected to rise in line with increasing housing construction and renovation activity.

Shareholders are being rewarded with a special dividend of 22 US cents, which comes on top of a final dividend of 27 US cents.

James Hardie has also launched another buyback of its shares, planning to buy up to five per cent of its stock in the year to May 2016.

The company’s 2014 buyback resulted the purchase of $9.8 million in shares.