APA Group FY profit soars

Group says portfolio acquisitions, diversity will enable future growth.

APA Group (APA) says its recent acquisitions will enable continued growth in the coming year, as it reported a rise in full-year profit.

The gas and infrastructure group’s statutory net profit for the 12 months to June 30 lifted 129% to $298.8 million, largely on the back of one-off items related to its Hastings Diversified Utilities Fund purchase.

Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at $768.8 million, in the middle of the company's guidance for between $755 million and $770 million.

Net profit before significant items rose to $179 million, up 27.4% from the previous corresponding period and in line with analyst estimates.

Meanwhile, statutory revenue for the year grew 20 per cent, to $1.27 billion.

The group will pay a final distribution of 16.02 cents, bringing total distributions for the year to 30.76 cents. 

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