Australian pipeline company The APA Group recorded an increase of 8.8 percent in net income, fueled by contracts in Queensland, its investments in renewable energy platforms and a favorable exchange rate on revenues received from pipeline contracts.
The net profit for the year up to June 30 was $ 288 million from $ 2.03 billion in revenue, compared to $ 265 million in earnings in 2018.
And foresaw another year of growth, forecast earnings before interest, taxes, depreciation of between $ 1.66 billion and $ 1.69 billion in the current year, up from $ 1.57 billion for 2018-19.
Managing Director Robert Wheals stated that the company has undertaken the largest capital investment in its history over the past three years, investing $ 1.4 billion in new projects, which have given it 260 kilometers of additional pipelines and expanded its ability to generate energy with renewable energy resources.
The company will pay a final, partially-paid dividend of 25.5 ¢ shares bringing his payment for the year to 47 ¢ per share. It provides for dividends "in the order of 50 ¢" a quota for the current financial year. APA shares rose 1.4 percent to $ 10.99 in the first negotiations.
by Ben Weir. Read the full story here.