Genesis Energy reports $131.1m net profit despite challenges

Genesis Energy has reported a net profit after tax of $131.1 million for the financial year 2024.

The company's full-year ebitdaf (earnings before interest and taxation, depreciation and amortisation and fair value adjustments) was $407.2m.

The financial result was significantly affected by gas supply constraints, low hydro and wind levels, and a seven-month unplanned outage of Huntly Unit 5.

Despite higher fuel costs, 99.9% of Genesis customers were not affected by the higher wholesale prices.

In line with its Gen35 strategy, the company made progress in various areas, including the sale of 85 MW Huntly firming options, the removal of 130 full-time equivalent (FTE) employees, and the reaching of 190 MWp of solar agreements.

Genesis also declared a final dividend of 7.0 cents per share.

For the next financial year, the company expects ebitdaf be around $460m, subject to market volatility and other factors.