Qube Holdings Limited H1 FY24 Financial Results Announcement

Qube Holdings Limited reported an 8.7% increase in underlying revenue to $1.63 billion and an 8.0% increase in EBITA to $156.8 million for the first half of the fiscal year 2024.

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Qube Holdings Limited H1 FY24 Financial Results Announcement

  1. Qube Holdings Limited reported an 8.7% increase in underlying revenue to $1.63 billion and an 8.0% increase in EBITA to $156.8 million for the first half of the fiscal year 2024.

  2. Underlying NPATA grew by 6.5% to $141.2 million, and earnings per share increased by 6.5% to 8.0 cents.

  3. The company's Return on Average Capital Employed (ROACE) reached 9.4%, nearing its target of 10%+.

  4. Qube's diversified operations helped insulate it against macroeconomic challenges, contributing to its solid financial performance.

  5. The company experienced tragic incidents with the death of a colleague and a contractor's employee, emphasizing the importance of safety in its operations.

  6. Qube's Lost Time Injury Frequency Rate (LTIFR) improved to 0.57, but its Total Recordable Injury Frequency Rate (TRIFR) slightly declined to 9.0.

  7. Efforts to reduce Scope 1 and 2 emissions are ongoing, with trials for technology solutions to lower vehicle fleet emissions.

  8. The Logistics and Infrastructure (L&I) business unit saw a 2.9% increase in EBITA to $121.9 million, despite a decline in revenue.

  9. Ports and Bulk (P&B) business unit reported a 19.0% increase in revenue to $960.0 million and a 21.1% increase in EBITA to $78.0 million.

  10. Patrick Terminals, 50% owned by Qube, contributed significantly to earnings growth with a 21.1% increase in NPATA to Qube of $44.8 million.

  11. The interim dividend was increased by 6.7% to 4.0 cents per share, with a 50% payout ratio of Qube's H1 FY24 underlying EPSA.

  12. Qube expects full-year underlying NPATA and EPSA growth in FY24 to be between 5% - 10% above FY23, despite various market uncertainties.

This announcement is a summary of the company approved ASX announcement on 22/2/2024.