Qube has reported another solid half yearly performance in its latest announcement for the first half of financial year 2025.
Underlying revenue for the first half of the 2025 financial year increased strongly by 28.4 per cent to $2.09 billion, and underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 14 per cent to $178.8 million.
Underlying net profit after tax and pre-amortisation (NPATA) and underlying earnings per share pre-amortisation (EPSA) grew modestly compared with the prior corresponding period, with NPATA up 1.3 per cent to $143.0 million and EPSA increasing by 1.0 per cent to 8.1 cents.
Statutory net profit after taxes (NPAT) for the period was $105.7 million.
Qube Managing Director, Paul Digney, said the performance of the business in the first half of FY25 reflects continued organic growth across Qube’s key markets.
“This is a very pleasing first half performance with our results slightly ahead of expectations, despite the multiple headwinds we confronted,” he said.
“Our first half performance again shows our ability to leverage our diversity and use the multiple growth levers at our disposal to navigate headwinds and more than offset earnings impacts from issues that might arise in any one operation or market.
“That’s evident across the business, where pockets of disruption in some of our key markets or operations during the period, including industrial action at some of our ports, were able to be offset elsewhere, underscoring the resilience of the business.
“The significant growth in grain trading activities through the half, also highlights our ability to use our quality assets, systems, network and people to grow into new and complementary areas and deliver pleasing results together with enhanced customer outcomes.”
Bulk exports through Qube’s grain terminals increased by 85 per cent to 1.2 million tonnes, and Qube estimates that this represented around 61 per cent of total New South Wales volumes for the first half of FY25.
Overall, conditions and activity levels remained favourable across most of Qube’s markets during the period.
However, forecast earnings were impacted by factors including the delayed completion of the Melbourne International RoRo Automotive Terminal (MIRRAT), industrial action in some areas, lower volumes from some bulk customers due to mine closures and losses attributable to the Moorebank Logistics Park (MLP) Interstate Rail Terminal joint venture.
“Having built strong momentum in the first half of the year, we remain confident in our ability to deliver growth in full year underlying NPATA and EPSA in FY25 compared to FY24, and currently anticipate that FY25 underlying NPATA and EPSA will be above the FY24 result,” Digney said.
Qube remains confident in delivering growth in full year underlying NPATA and EPSA in FY25 compared to FY24, although the growth rate is expected to be below the strong growth rate that was achieved in FY24.
While the extent of earnings growth remains difficult to forecast given the various opportunities, challenges and uncertainty across Qube’s core markets, Qube presently expects that FY25 underlying NPATA and EPSA will be at least 5.0 per cent above the FY24 result.
Earlier this year, Qube opened a new bulk storage facility in Picton, Western Australia.
In other news, Transport Women Australia Limited has announced its new Vice Chair.
