Fuel costs reduce Genesis Energy's profit and earnings

Huntly looms large over the energy system. (Image: NZME)

Thu, 22 Aug 2024

Higher costs and scarcer fuel affected Genesis Energy’s earnings and profit in what the company called a challenging year.Genesis reported earnings (ebitdaf) of $407.2 million with a net profit after tax (Npat) of $131.1m. This compares to earnings of $523.5m and net profit of $195.7m in the previous year, down 22% and 33%, respectively.This came off the back of a 28% increase in revenue to $3.06 billion.The company told the market it was a “challenging operating environment.”“The financial result was impacted signi...

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