APA Group, Australia's leading energy infrastructure business, has released its financial results for the fiscal year ended June 30.
The results outline a robust performance driven by significant contributions from new assets and disciplined cost management.
APA Group's underlying EBITDA for FY24 reached $1,893 million, marking a 9.7% increase from the previous fiscal year.
The group also reported a distribution per security of 56 cents, a growth of 1.8%. Corporate cost growth was moderated to 6.3%.
The total distribution rate is set at 29.5 cents per security, with key dates including ex-date on June 27, record date on June 28, and payable on Sept. 18.
"This solid performance has been achieved through continued focus on APA's three delivery pillars: our people, operational excellence, and creating value," the company said in a statement.
Key drivers for APA's improved earnings include contributions from the Pilbara Energy System and Basslink, alongside increased tariffs linked to inflation.
The company invested $833 million in growth projects during the period, including key developments like the Port Hedland Solar Farm and Kurri Kurri lateral pipeline.
APA Group also emphasised its plans for future growth and investment, focusing on renewable energy and enhancing gas infrastructure to support Australia’s energy transition.
For FY25, the group projects underlying EBITDA guidance between $1.96 billion and $2.02 billion, with a distribution per security of 57 cents.