Qube Holdings Limited (ASX: QUB) 2024 AGM Highlights
2024 AGM Overview
Qube Holdings Limited (ASX: QUB) demonstrated robust financial performance at its 2024 Annual General Meeting (AGM). Underlying revenue surged by approximately 17% to $3.5 billion, bolstered by strong container-related activities and successful acquisitions.
Financial Performance
Key highlights included a 13.6% increase in underlying earnings before interest, tax, depreciation and amortisation (EBITA) to $318.4 million. Underlying net profit after tax (NPATA) rose by 13.2% to $271.2 million. A record contribution from Qube’s associate, Patrick, played a vital role in this success.
The Board declared a final ordinary dividend of 5.15 cents per share, leading to a full-year dividend of 9.15 cents per share, up 13% from FY23, translating to a 60% payout ratio of Qube’s FY24 underlying earnings per share (EPSA).
Safety Initiatives
Chairman Allan Davies emphasised Qube’s commitment to safety despite two tragic fatalities in the past year. The company achieved notable safety improvements. The Total Recordable Injury Frequency Rate (TRIFR) decreased by 11.1%, while the Lost Time Injury Frequency Rate (LTIFR) improved by 41.3%. New safety measures are being implemented in response to past incidents, highlighting the company’s commitment to enhancing operational safety standards.
Operational Developments
The Moorebank Logistics Park IMEX Terminal commenced normal automated operations in June 2024, rapidly increasing productivity and cash flow. The facility handled 24,000 Twenty-foot Equivalent Units (TEU) just in July, showcasing strong operational capabilities.
Outlook and Strategic Developments
Looking ahead, Qube anticipates continued earnings growth in FY25. The company maintains strong guidance for underlying NPATA and EPSA growth. Economic uncertainties remain a consideration, yet a solid balance sheet and diversified operations position Qube for resilience and ongoing opportunities.
Paul Lewis, Managing Director, confirmed that Qube is well-prepared to navigate challenges while driving further growth.Qube Holdings reports impressive FY24 results, safety advancements, and increased dividends at 2024 AGM.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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