Genesis delivers EBITDAF of $440m with 44% lower emissions

Genesis Energy (GNE) had a successful FY22, with growing profitability, its highest ever customer satisfaction score, and declining carbon emissions.

GNE achieved EBITDAF of $440 million, up 24% from $355 million in FY21, and Net Profit of $222 million in FY22.

A final dividend of 8.9 cps was declared, making total FY22 dividends 17.6 cps.

Chief Executive Marc England highlighted Genesis' role in delivering energy security for New Zealand, and the company is on track to meet its Science Based Target of sustainably reducing 1.2m tonnes of annual carbon by FY25 compared to FY20.

Customer churn reduced from 16% in FY21 to 13%, and the company received its highest ever interaction Net Promoter Score.

FY23 EBITDAF is expected to be around $455 million, with capex guidance of $80 million.