AURIZON on Monday reported its net profit after tax to be $513 million – this was a decrease of 15% compared with the previous year.
The company said this decrease was primarily due to one-off benefits recorded in the previous financial year and transaction costs for the One Rail Australia acquisition.
Aurizon managing director and CEO Andrew Harding said: “The company has delivered a solid operational and financial result despite a challenging year with the ongoing COVID-19 pandemic, major flooding events and customer-specific reductions in production impacting our volumes”.
Mr Harding said group earnings had remained stable through continued strong operational performance and a number of revenue protection mechanisms that are in place.
“This underlines the strength and resilience of the Aurizon business, and a commitment to deliver shareholder returns. The total dividend for FY2022 represents a yield of over 5%. Including this final dividend, Aurizon has returned to shareholders $4.8 billion over the past seven years through dividends and share buybacks,” he said.
“We were pleased to complete the acquisition of One Rail Australia in July 2022, which will result in an immediate uplift in earnings as well as providing new opportunities as we expand into commodity-rich regions in South Australia and the Northern Territory. This includes large resources of future-facing commodities that will feed and fuel the world in decades to come, such as grain, copper and rare earths.”
“One Rail is a high-performance business with a highly capable workforce. The acquisition provides the platform for the next phase of growth for Aurizon, as we aim to double earnings in our Bulk business by 2030. It is also a key plank in re-positioning Aurizon’s portfolio over the next decade, with our Bulk business to take a greater proportion of Group revenue and earnings compared to coal-related earnings.”
