Vector Group (VCT) today announced a steady result for the full 2022 financial year, with Group net profit after tax at $160.9m and Adjusted EBITDA of $510 million.
This was down $3.5 million or 0.7% on last year’s result.
Capital expenditure for the year was $545.9 million, an increase of $4.4 million or 0.8% on the prior year.
A final dividend of 8.5 cents per share imputed at 10.5% has been declared, taking the full-year partially imputed dividend to 16.75 cents per share.
Results include a $40.2m non-cash goodwill impairment of Vector's LPG business, which recognises the impact of higher Saudi Aramco contract price of LPG, higher ETS and a weaker NZ dollar all contributing to a higher cost of gas, along with the impact of the increase in discount rates as at 30 June 2022.
A strategic review of Vector's Metering business is also ongoing, with smart metering a critical part of the transformation and digitalisation of the energy sector.
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