LGI Limited announced its financial results for the first half of the fiscal year 2024, with a total revenue of $15.9 million, a 3% decrease from the previous year.
The company reported a significant increase in statutory EBITDA by 16% to $7.0 million and an 18% increase in statutory EBIT to $4.5 million compared to the prior corresponding period.
Statutory NPAT saw a 25% increase, reaching $3.1 million.
Landfill gas flows and renewable energy generation both saw increases of 3% and 2% respectively.
The Bunya power station became operational, featuring Tesla Megapack battery deployment, which enhanced grid capacity and responsiveness, leading to improved profitability metrics.
LGI continues to expand its portfolio, securing new landfill gas agreements and advancing key commercial relationships, notably including a significant agreement with BINGO INDUSTRIES.
The company is focusing on incorporating grid-scale battery technology and proprietary DACS software across selected sites to enhance operational performance.
Early commercial outcomes from the Bunya power station with DACS software are promising, showing a weighted average pool price 96% above the AEMO average and revenue 94% higher than running the engine alone.
LGI announced an interim dividend of 1.2 cents per share, fully franked, with payment due on 27 March 2024.
The company remains confident in its business model and reconfirms its EBITDA guidance for an increase of between 6.0% and 14% from FY23.
LGI is hosting an investor webinar to discuss these results further.
This announcement is a summary of the company approved ASX announcement on 22/2/2024.