CANBERA (dpa-AFX) - AGL Energy Limited (AGK.AX, AGLNF.PK) reported a profit attributable to shareholders of A$711 million or 105.4 cents per share in the year ended 30 June 2024 compared to a loss of A$1.26 billion or 187.9 cents per share in the prior year.
The latest year results included a loss of $64 million after tax treated as significant items and a loss of $37 million after tax from the changes in the fair value of financial instruments. Excluding the items, the underlying profit after tax was A$812 million, 189.0% up on the prior corresponding period.
Total expenses were A$11.58 billion compared to A$14.97 billion in the previous year.
Annual revenue declined to A$13.58 billion from A$14.16 billion in the prior year.
AGL Energy Limited has announced that Patricia McKenzie, who has served as a Non-Executive Director for five years and Chair for the past two years, will retire from the AGL Board following the release of AGL's fiscal year 2025 half-year results, which are currently scheduled for 12 February 2025. The company has appointed Miles George as Chair-elect.
Miles George has more than 30 years' experience in the energy and infrastructure sectors. His experience includes chairing the Clean Energy Council, Director of Spark Infrastructure, Managing Director of Infigen Energy and CEO of CleanCo Queensland. He has also served as an adviser to the Australian Energy Market Commission and the Australian Energy Market Operator on the energy transition.
In addition, AGL Energy Limited said that it has entered into a binding agreement for the acquisition of 100% of the shares and units in Firm Power and Terrain Solar for a total consideration of approximately A$250 million. The acquisition is expected to be financed using cash from AGL's balance sheet.
Firm Power is a Battery Energy Storage System (BESS) developer with 21 projects in development, and Terrain Solar is a solar project developer with 6 projects in development.
The proposed acquisition is subject to customary conditions precedent, with completion anticipated in 2024.
AGL has declared a final dividend of 35 cents per share, resulting in a total dividend for fiscal year 2024 of 61 cents per share. The final dividend will be paid on 24 September 2024.
Looking ahead for fiscal year 2025, the company expects underlying net profit to be in the range of A$530 million to A$730 million, and underlying EBITDA of A$1.87 billion and A$2.17 billion.
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