APA Group (ASX:APA) H1 FY24 net profit jumps on Pilbara Energy acquisition

APA Group's statutory net profit for the first half of FY24 surged to $1.05 billion, driven by the Pilbara Energy acquisition.

First-half underlying EBITDA grew 5.8% to $930 million, supported by inflation-linked tariff escalation and strong performances from recent acquisitions.

$975 million in significant items resulted from re-measuring APA's 88.2% stake in the Goldfields gas transmission pipeline.

APA increased interim distribution per security to 26.5 cents, aiming for an FY24 distribution of 56 cents per security.