Strong financials, more customers and lower emissions

Genesis Energy (GNE) has reported strong results for H1 FY23 with EBITDAF of $298 million, a 42% increase from H1 FY22.

A revaluation of long-term contracts has resulted in a 72% increase in Net Profit After Tax (NPAT) to $145 million.

The Company declared an interim dividend of 8.80 cps.

Customer numbers increased by 2.2% and carbon emissions declined by 470,000 tonnes (a 52% reduction versus H1 FY22).

Genesis also made progress on their strategic priorities, launching EVerywhere, New Zealand’s first ‘energy roaming' service for electric vehicle (EV) drivers.

They also completed a successful biomass trial at Huntly Power Station and secured a fully consented, 90 hectare site near Lauriston on the Canterbury Plains to develop up to 500MW of grid scale solar generation.

Malcolm Johns will join as Chief Executive on 6 March, and FY23 EBITDAF guidance has been updated to around $515 million.