APA reports sharp jump in profit in FY22

Australian energy infrastructure firm APA on August 24 reported a net profit of A$259.7mn ($178.7mn) in the year to June 30 (FY22), up from A$734,000 a year earlier. In FY21, APA reported write-downs related to the Orbost gas-processing plant.

The company’s underlying profit, which excludes one-off items, dropped 14% year/year to A$240mn. Revenue during the year increased 4.3% yr/yr to $2.24bn.

APA said it has invested over A$500mn in projects in FY22 as part of its strategy of investing in energy infrastructure. Key projects progressed in FY22 include the A$270mn stage 1 and 2 expansion of the east coast grid which will help address forecast winter gas shortfalls as well as facilitate the firming of renewables, the A$460mn Northern Goldfields Interconnect, Mica Creek solar farm and the acquisition of 100% of Basslink senior secured debt.

The company earlier this week announced that CEO and managing director, Rob Wheals, will be stepping down at the end of September 2022.