Australian gas pipeline company APA Group has posted an 8.8 per cent rise in net profit, fuelled by contracts in Queensland, its investments in renewable energy platforms and a favourable exchange rate on revenues received from pipeline contracts.
Net profit for the year to June 30 came in at $288 million on $2.03 billion in revenue, compared to $265 million in profit in 2018, the Sydney-based company said in a statement to the ASX on Wednesday morning.
And it predicted another year of growth ahead. Earnings before interest, tax, depreciation and amortisation rose 3.6 per cent to $1.57 billion, and are expected to improve to between $1.66 billion and $1.69 billion in the current financial year, APA said.
APA has invested in several new renewable energy plants as well as gas pipelines.Credit:James Davies
Chief executive Robert Wheals said the company had undertaken the largest capital investment in its history over the past three years, investing $1.4 billion in new projects, which gave it 260 kilometres of additional pipelines and expanded its capacity to generate power with renewable energy assets.