If Origin Energy’s interim result foretold of structural change in the energy retail market, AGL Energy shows little sign of deterioration, at least not at first glance. Revenue climbed 38% to $4.9bn, generating underlying net profit of $279m, up 20% from last year. From underlying earnings per share of 51 cents, up 5%, a fully franked dividend of 30 cents was declared (ex date 5 March).
How has AGL managed to maintain soaring profits while Origin’s retail activities have waned? A breakdown of where AGL made its money is instructive.