AUSTRALIAN logistics provider Qube has released its results for the financial year 2024 (FY24), declaring “another strong financial performance”.
Underlying revenue was up 17.2% from the prior corresponding period, at $3.5 billion, whilst underlying earnings (EBITDA) saw $318.4 million, a growth of 13.6%.
Net profit after tax was also positive, yielding a 14.8% growth to $258 million, and net profit after tax and amortisation saw $271 million at a growth of 13.2%.
Qube said key drivers for the positive results included their Logistics & Infrastructure business unit which experienced high volumes of container related activities (including road and rail haulage and container parks).
Continued high automotive volumes, namely at Australian Amalgamated Terminals, and a partial period’s contribution from the acquisitions completed in the first half of FY24 also contributed significantly, the company said.
The Ports & Bulk business unit generated strong earnings growth, with most activities delivering growth in line with or ahead of internal expectations, Qube said. The result also benefitted from the full year contribution from the Kalari acquisition completed in FY23.
Qube managing director Paul Digney said the result demonstrated the strength of the business and the benefits of diversification.
“Our strong financial performance in FY24, including double digit underlying revenue and earnings growth, underscores the value of our strategy and the ability of the business to effectively manage ongoing cost pressures, areas of labour shortage and several adverse weather events,” Mr Digney said.
Mr Digney said Qube had undertaken and announced a number of strategic acquisitions in both the Australian and New Zealand markets during the period, consistent with QUBE’s strategy to diversify by geography and market.
“These acquisitions provide further diversity and quality to Qube’s business. Pleasingly, all acquisitions announced during the period are expected to contribute both to earnings growth in FY25 and beyond, as well as continued improvement in Qube’s return on average capital employed.”
Mr Digney announced that post the end of the period, Qube had acquired integrated transport, logistics and storage business, Colemans, from its private owners.
“This acquisition provides Qube with a platform to enter the Western Australia Security Sensitive Ammonium Nitrate supply market and to use its financial and operational capabilities to invest to support further growth and deliver operational improvements for this business.”
On the company’s outlook for FY25, Qube says it expects to deliver continued underlying earnings growth compared to FY24.
However, the company acknowledged it is currently expected that the growth will be modest relative to the strong earnings growth achieved in FY24.
“Having achieved another strong financial performance in FY24, we are well placed to navigate the economic and geopolitical uncertainties ahead and to continue delivering earnings growth for our shareholders in FY25 and beyond,” Mr Digney signposted on the company’s outlook.
