October 3, 2023

by David Winning

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SYDNEY – Genesis Energy Limited raised its annual earnings guidance after a half-year period marked by record hydro production and increased customer numbers.

Genesis Energy said it now expects earnings before interest, taxes, depreciation, amortization and fair value adjustments – or EBITDA – of about 515 million New Zealand dollars (US$317.5 million) in the 12 months through June. This represents an increase over earlier guidance of approximately NZ$500 million.

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In the six months to June, Genesis Energy’s EBITDA rose 42% to NZ$298.3 million.

“Genesis was able to generate a record 2,034 GWh from its three hydro plans, up 43% over 1H of FY2022,” the company said in a regulatory filing. “In contrast, it saw thermal generation at Huntly Power Station reach a record low, reducing fuel costs and carbon emissions by 470,000 tonnes (a 52% reduction versus 1H of FY2022).”

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Genesis Energy said its half-year net profit rose 72% to NZ$145.3 million, reflecting the renegotiation of long-term contracts. The company’s directors declared an interim dividend of 8.8 New Zealand cents per share, up from 8.7 cents a year earlier.

Write to David Winning at [email protected]

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