Even AGL Energy (ASX:AGL) believes its 2023-24 boom can be repeated in 2024-25.
AGL revealed on Wednesday that its core profit had nearly tripled due to improved functionality of its power plants and higher electricity prices. Shareholders also benefited, with a flexible dividend that nearly doubled from last year.
However, the company said last year’s strong performances will be repeated in the next fiscal year.
AGL reported an underlying profit of 189% for the 2024 monetary year, driven by increased plant availability and emerging electric power prices.
Underlying profit of $812 million beat consensus of $798. 3 million and especially outperformed the difficult 2022-23 year, when Victorian factory unrest and flooding during wet weather affected factory availability and they reduced prices.
Underlying profit rose 63% to $2. 216 billion.
The 2023-2024 result is in line with revised guidance released in early May, when the company forecast net revenue of between $760 million and $810 million (from $680 million to $810 million) and a previous decline forecast of $580 million.
AGL declared a final unfranked dividend of 35 cents per percentage, bringing the total unfranked dividend for the financial year to 61 cents per percentage. This almost doubles the 31 cents percentage (not franking) paid last year.
AGL’s leading executive, Damien Nicks, attributed the higher annual result to emerging wholesale electricity prices, higher margins on electricity sales to consumers and greater availability of the thermal park.
“We continue to enjoy expansion as our residential and advertising consumers electrify and decarbonize,” Nicks said.
He said the current cost-of-living pressures were affecting many Australians, adding some visitors to AGL. The company increased its two-year visitor program to $90 million.
AGL got significant government relief this year, with more than $1 billion to be delivered through the end of 2025.
Australia’s largest manufacturer aims to increase 12 gigawatts of capacity by the end of 2025 and has called for reduced bureaucracy and faster approval processes for new assets.
However, AGL’s forecasts suggest that the really important benefits of this monetary year are unlikely to be repeated. The company expects FY25 underlying EBITDA to be between $1. 87 billion and $2. 17 billion (up from $2. 216 billion in 2023-2024) and underlying net profit between $530 million and $730 million ($711 million). dollars in 2023-24).
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Deep Leads Resource Increases Across the Board: Quality, Tonnage and Target Zone ABx Group has reported a 30% increase in its mineral resource estimate (MRE) at the rare ion adsorption clay earth deposit ( IAC) from Deep Leads in northern Tasmania. The accumulation at MRE comes from 36 assayed exit wells, representing a significant northward extension to the existing Deep Leads prospect.
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