AGL Energy posts full-year profit of $812m, up 189 per cent sparked by higher power prices
High electricity prices, fewer outages and government relief on power bills have generated a stellar rise in AGL Energy’s annual profit.
Australia’s biggest energy company on Wednesday posted an underlying net profit of $812 million for the year to June 30, up 189 per cent, while underlying earnings rose 63 per cent to $2.216 billion.
AGL managing director Damien Nicks said the stronger full-year result was driven by higher wholesale electricity prices, a higher margin on selling electricity to consumers and improved thermal fleet availability.
Sign up to The Nightly's newsletters.
Get the first look at the digital newspaper, curated daily stories and breaking headlines delivered to your inbox.
By continuing you agree to our Terms and Privacy Policy.“We continue to see growth as we help our residential and commercial customers electrify and decarbonise,” Mr Nicks said.
An underlying profit of $530 million to $730 million was forecast for the 2025 financial year, on earnings guidance of $1.87 billion to $2.17 billion.
He said ongoing cost of living pressures continued to impact many Australians and some of their customers, with a two-year customer support package, increased to $90 million.
A significant amount of government relief went to AGL’s customers over the year, with more than $1 billion projected to be delivered by the end of 2025.
Australia’s leading generator intends to add 12 gigawatts of capacity by the end of 2025 and called for less red tape on approving and connecting new assets.
AGL declared an unfranked final dividend of 35 cents per share, for a total dividend for the financial year of 61 cents per share unfranked.
