Qube releases FY2024 results

Qube achieved yet another strong financial performance during FY2024 by continuing to deliver on its vision and strategy.

Throughout FY2024, the logistics company saw underlying revenue grow by 17 per cent to $3.5 billion, with an underlying earnings (EBITA) growth of 13.6 per cent to $318.4 million as well.

Underlying net profit after tax and pre-amortisation (NPATA) increased by 13.2 per cent to $318.4 million for the financial year, while underlying earnings pre-share amortisation (EPSA) increased by 13.1 per cent to 15.3 cents per share.

These positive results were mainly driven by high volumes of container-related activities in the Logistics and Infrastructure (L&I) business as well as strong earnings growth in Qube’s Ports and Bulk business unit.

Qube Chairman, Allan Davies, expressed his pleasure with the company’s strong results.

“The business enjoys a strong balance sheet and pipeline of organic and inorganic opportunities which will underpin growth across our key markets and geographies,” he said.

Although Qube had the weakest performance in its agriculture sector, H2 of FY2024 saw improvements in the space due to favourable weather and the commencement of grain trading activities.

According to the company’s FY2024 report, this improvement in the agriculture sector is expected to carry into FY2025, with other key markets slated for continued growth.

Davies noted Qube’s diverse business portfolio as a source of success in the next year.

“The diversification of our business and our operations is a significant source of strength and Qube expects to deliver continued underlying earnings growth in FY2025, with both the Logistics & Infrastructure and Ports & Bulk business units expected to deliver higher earnings,” he said.