APA flags more growth after investing in new pipelines, renewable energy

  • Aug 21, 2019
  • Sydney Morning Herald

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.

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