APA Group (APA.AX) reported that net profit after tax for the first half of 2025 dropped to A$34 million from A$1.049 billion in the first-half of 2024. This decrease was primarily due to the prior period's acquisition of the Pilbara Energy business and the associated the first half of 2024 gain from remeasuring APA's previously held 88.2% interest in the Goldfields Gas Pipeline.
Profit attributable to unitholders of the parent for the period dropped to A$18 million from A$1.042 billion in the previous year. Earnings per security were 2.6 cents compared to 84.2 cents in the prior year.
Underlying EBITDA were up 9.1% to A$1.015 billion from the prior year's $930 million, underpinned by strong performance from new assets, higher customer demand for seasonal gas transmission capacity, inflation-linked tariff increases and reduced cost growth.
Revenues grew to A$1.621 billion from A$1.516 billion in the prior year.
The Board will pay an interim distribution of 27.0 cents per security for the first-half of 2025. This represents a 1.9% increase on the first-half of 2024 interim distribution of 26.5 cents per security.
Distributions for fiscal year 2025 are expected to be 57.0 cents per security, an increase of 1.8% on fiscal year 2024. Underlying EBITDA guidance is reaffirmed for fiscal year 2025 to be A$1.960 billion - $2.020 billion.
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