Dalrymple Bay Infrastructure (DBI) H2 2024 earnings summary

Executive summary

• EBITDA increased 7.1% year-over-year to $279.8 million, with funds from operations up 11.1% to $156.7 million and net profit after tax rising to $81.8 million.

• Distributions for FY24 totaled 22.0 cents per security, up 5.8%, with guidance for TY24/25 raised to 23.0 cents per security, a 7% uplift.

• Capacity remains fully contracted at 84.2 million tons through 2028 under take-or-pay contracts, eliminating volume and coal price risk.

• Organic growth and optimization initiatives, including NECAP projects and capacity pooling, are underway to drive future revenue.

• Strategic priorities for 2025 include further organic growth, diversification, and maintaining investment-grade credit ratings.

Financial highlights

• Revenue increased to $382.9 million from $320.9 million in FY23, with revenue from TIC up AUD 17.3 million to AUD 296 million.

• Net profit after tax for FY24 was AUD 81.8 million, up AUD 10.6 million from the prior year.

• Cash and cash equivalents at year-end were AUD 89.9 million, with $481 million liquidity available.

• Q4/24 distribution of AUD 0.05625 per security, totaling AUD 0.22 for FY24.

• EPS was $0.16, up from $0.15 in FY23; ROE improved to 7.48%.

Outlook and guidance

• Distribution guidance for TY24/25 raised to 23.0 cents per security, a 7% uplift on the prior period.

• Distribution policy targets 3%-7% annual uplift and a payout ratio of 60%-80% of FFO.

• Ongoing NECAP investments and capacity optimization expected to support future revenue and distribution growth.

• Strategic focus on organic revenue growth, capital project delivery, and diversification.