DALRYMPLE Bay Infrastructure (DBI), the Australian coal exporter that operates through its primary foundation asset the Dalrymple Bay Terminal, has released its financial results for the first half of 2024 (H1-24).
The group announced solid financial results for the six months ending 30 June this year, highlighting robust coal export volumes and revenues.
Dalrymple Bay Terminal (DBT) shipped 29.9 million tonnes of coal in H1-24, up slightly on volume from 29.8 million in H1-23.
The company said 81% of its H1-24 revenue was derived from mines that ship predominantly metallurgical coal, a slight difference from 82% in H1-23.
The key export destinations during H1-24 were Japan, South Korea, India, Taiwan and China, accounting for approximately 71% of exports, compared with 68% in H1-23, while exports to India were 30% higher than in H1-23.
DBI noted that during H1-24, there were no fatalities or incidents causing permanent disabilities or serious injuries or illness, along with zero reportable environmental incidents or exceedances during the period.
The company’s total income (excluding interest income) for H1-24 was AUD$366.5 million, up from $306 million in H1-23, while EBITDA was $136.5 million up from $125.7 million in the H1-23 period.
Net operating profit for the period was $36.8 million, up from $34 million in H1-23.
DBI has a total of approximately $395.5 million in non-expansionary capital projects (NECAP) underway which it says will be progressively completed over the next 2-3 years. Spending on NECAP projects will contribute to future terminal infrastructure charge increases, the company says.
Michael Riches, CEO of DBI said the Dalrymple Bay Terminal is a critical link in the global steel supply chain, and a key contributor to the Queensland and Australian economies.
“The increase in the Terminal Infrastructure Charge for TY-24/25 reflects DBI’s robust access pricing framework and has resulted in a 4.65% increase in our distribution guidance” Mr Riches said.
“Our access pricing framework provides significant cashflow certainty which allows DBI to plan with confidence to implement our program of non-expansionary works, with NECAP projects of ~$395.5m underway. With this strong foundation, DBI continues to explore options to grow our business to provide enhanced total securityholder returns.”
The company’s strategic priorities for the next 12 months include delivering organic revenue growth through the implementation of approved NECAP Projects, and progressing opportunities to capture long-term Bowen Basin metallurgical coal production via DBI’s continued review of terminal capacity.
The company says it will continue to explore and assess opportunities for future alternative uses of the DBT, particularly in relation to new energy sources, such as hydrogen and associated products.
