Dalrymple Bay Infrastructure Limited (ASX:DBI) Announces FY24 Financial Results
Financial Performance
Dalrymple Bay Infrastructure Limited (ASX:DBI) reported FY-24 Terminal Infrastructure Charge revenue of $296.1 million, up 6.2% compared to FY-23. The Group’s EBITDA reached $279.8 million, a 7.1% increase, while statutory net profit after tax grew by 10.7% to $81.8 million. Funds from Operations rose by 11.1% to $156.7 million.
Distribution Update
DBI announced a Q4-24 distribution of 5.625 cents per security, bringing the total FY-24 distributions to 22.0 cents per security, an increase of 5.8% on FY-23. Additionally, the Group updated its distribution guidance for TY-24/25 to 23.0 cents per security, reflecting a 7% uplift compared to TY-23/24. DBI will continue targeting DPS growth of 3-7% per annum.
Operational Performance
The Group has $394.1 million in Non Expansion Capital projects underway, set to be completed over the next three years. FY-24 saw no fatalities or serious injuries and zero reportable environmental incidents.
Executive Comments
CEO Michael Riches stated, “Dalrymple Bay Infrastructure’s FY-24 performance underscores the resilience and consistency of our business model and our focus on growing incremental revenue through optimisation of our existing assets. Our strong financial results are driven by the advantages of our inflation-linked contracts, growth in our underlying terminal infrastructure charge, and the successful execution of revenue-enhancement and cost-efficiency initiatives throughout the year. These efforts have improved cash flow, leading the Board to raise our distribution guidance in recognition of this enhanced financial performance. With a robust balance sheet, investments through NECAP, and the ongoing stability provided by our take-or-pay contracts, DBI is well-positioned to deliver sustained returns for our shareholders.”
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