APA (ASX:APA) earnings down 1.3% in FY21

Company News

by Lauren Evans

Energy infrastructure business APA Group (ASX:APA), reports revenue of $2,144.5 million for the year ending 30 Jun 2021 (FY21), up 7 per cent from the prior year.

Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) of $1,633 million, was down 1.3 per cent from the prior year was due to increased investment in development opportunities, higher insurance and compliance costs and softer contract renewals in challenging market conditions.

Reported profit after tax was $3.7 million, impacted by the $249.3 million non-cash Orbost impairment charge and $148 million in finance costs.

Excluding those items, profit after tax was $281.8 million, down 9.6 per cent. 

A final distribution of 27 cents per security was recorded with FY22 distribution expected to be 53 cents, up 3.9 per cent.

CEO Rob Wheals said, “as a leader in energy infrastructure, we pride ourselves in our ability to respond to the changing energy needs of our customers, whether it be gas, electricity or renewable power generation... APA has strong business fundamentals, confidence in our outlook and the execution capability to continue to deliver value to our Securityholders."

Shares in APA Group (ASX:APA) are trading 2.3 per cent lower at $9.74. 

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