APA Group full-year profit jumps
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The news: Energy infrastructure owner APA Group has posted a higher full-year profit on the back of an expanded gas network on the east coast and contribution from its Pilbara Energy business.
The numbers: Statutory profit for the year to 30 June, 2024, more than trebled from a year ago to $998 million, ahead of analyst estimates of $970 million. Underlying earnings were up 9.7% to $1.89 billion, in line with its guidance.
Revenue rose 5.2% to $3.06 billion and the company will pay a final dividend of 29.5 cents a share, up from 29 cents a year earlier.
The company is guiding for earnings between $1.96 billion and $2.02 billion in FY25, with total distributions expected to be 57 cents a security.
The context: APA, the country’s biggest gas transport firm, has benefited from strong demand and higher prices for gas. It has also expanded its network through new pipelines and recent acquisitions including Basslink, Pilbara Energy and Alinta’s solar and battery energy storage assets.
Separately, the company announced it had appointed CSL director Samantha Lewis and former BHP chief financial officer David Lamont to its board as non-executive directors. They will replace Debbie Goodin and Peter Wasow, who are retiring.
The sources: ASX announcement, ASX announcement
