PRL Global (PRG) H2 2024 earnings summary

Executive summary

• Revenue rose 15% year-over-year to $1.27 billion, driven by strong logistics and fertiliser trading, despite a challenging global market and divestment of the farming segment.

• Net profit after tax decreased 13% year-over-year to $21.9 million, reflecting margin pressures and a one-off gain from the sale of Cheekah Kemayan Plantations (CKP).

• The company completed the divestment of CKP, releasing capital for special dividends, a share buyback, and debt reduction.

• Board approved a name change to PRL Global Ltd, reflecting expanded global operations in fertilisers and logistics.

Financial highlights

• Revenue from continuing operations: $1.27 billion, up 15% year-over-year.

• Net profit after tax: $21.9 million, down 13% year-over-year.

• Earnings per share: 18.93 cents, down from 21.87 cents in FY2023.

• Final dividend of 3.0 cents per share, total FY24 dividend 5.5 cents, plus 10 cents in special dividends.

• Net cash balance at year-end: $48.9 million; total assets: $490.5 million; net assets: $243.9 million.

Outlook and guidance

• Focus remains on core Fertilisers and Logistics segments, targeting margin improvement and operational efficiencies.

• Fertiliser segment expected to perform well in FY25, with stable prices and solid demand.

• Logistics segment to emphasize margin improvement and efficiency gains.

• Mining operations on Christmas Island expected to be viable through 2034.