FREIGHT rail operator Aurizon has posted their end of financial year results for the year ending 30 June 2024 (FY2024).
The company, which specialises in moving coal, iron ore, and agricultural freight, reported group underlying EBITDA of $1.624 billion, 14% higher than FY2023 at $1.428 billion.
Coal was a key driver of this year’s results, generating $528 million in EBITDA, up 16% from the previous comparable period (PCP), which Aurizon says was primarily driven by higher volumes and elevated revenue yield.
Coal volumes hauled of 189 million tonnes were 2% higher than FY2023.
However, while the total coal volume increased, mine sequencing and unscheduled stoppages, as well as supply chain cancellations impacted volumes.
Aurizon’s bulk sector also saw an EBITDA increase, at $229 million, up 7% from the PCP.
However, bulk volumes hauled at 66.6 million tonnes were down 2% compare to the PCP. Aurizon said this was mainly due to customer production issues, primarily in Queensland, lower grain volumes, and the cessation of a rail maintenance contract.
In Aurizon’s network sector, EBITDA was $930 million, up 14% compared to the PCP. This was driven by an increase in allowable revenue due to the preliminary reset of weighted average cost of capital, and higher asset base.
Tonnes carried over the Central Queensland Coal Network were 209.6 million, 1% higher than FY2023.
Aurizon’s overall revenue for FY2024 was $3.844 billion, up 9% from FY2023, which was $3.511 billion.
Outlook of the company’s EBITDA for FY2025 is expected to increase between $1.66 and $1.74 billion.
