Infratil chief executive Jason Boyes. Photo: Supplied
Infrastructure investment concern Infratil says its full-year underlying profit has exceeded expectations as the company accelerates plans for growth.
Infratil said all its businesses were performing well, which included telco One NZ, eight CDC data centres, numerous renewable energy assets, healthcare services, retirement villages and Wellington Airport.
Net profit was dragged down 5.2 percent by a near billion-dollar drop in the revaluation of its portfolio, with total assets of nearly $4.14 billion at the 31 March balance date.
Key numbers for the 12 months ended March compared with a year ago:
- Net profit $845.1m vs $891.1m
- Underlying profit $864m vs $532m
- Revenue $3.324b vs $1.845b
- Net realisations, revaluations and impairments $998.7m loss vs $17.1m gain
- FY dividend 20 cents per share up 4 percent
"While a substantial portion of this increase can be attributed to the higher ownership stake in One NZ since June 2023, even after adjusting for this change, growth stood at an impressive 15.5 percent," Infratil chief executive Jason Boyes said.
"This earnings expansion underscores the strong performance across the portfolio's operational businesses."
Boyes said there was earnings growth across key operating businesses, with a portfolio heavily weighted to high-growth digital infrastructure and renewable energy businesses, at 80 percent.
He forecast FY 2025 underlying profit between $980m to $1.03b, or 11 percent up on the midpoint of 2024's underlying profit result.
Capital expenditure guidance was expected to be up 70 percent on the midpoint FY 2024 expenditure at between $2.7b to $3.1b, which included Infratil's share of the capital expenditure of its portfolio companies.