Genesis Energy net profit up 72% YoY in FY23

The number of its customers increased by over 10,000.

New Zealand’s Genesis Energy has posted a 72% year-on-year (YoY) increase in net profit after tax in the first half of the financial year 2023 ending on December 2022 to around $89.6m (NZ$145.3m) on the back of the revaluation of long-term contracts.

In a statement, its earnings before interest, tax, depreciation, amortisation, and fair value adjustments rose 42% YoY to $183.9m (NZ$298.3m).

The company also gained 10,273 customers or a 2.2% increase to reach over 481,000. Residential churn, meanwhile, slipped by one percentage-point to 12% from the same period last year.

READ MORE: Genesis Energy inks deal with Fonterra for biomass use

Genesis was able to generate a record of 2,034 gigawatt-hours from its three hydro schemes, up 43% YoY. It also reduced thermal generation at the Huntly Power Station, cutting its carbon emissions from generation by 470,000 tonnes ar by 52% YoY.

It declared an interim dividend of 8.80 costs per sale, representing a “continued value for shareholders while retaining capability for future investment.

$1 = NZ$1.62