Australian professional services company Worley Limited (WYGPF.PK, WYGPY.PK, WOR.AX) reported that its profit after income tax expense attributable to members of the company for half year ended 31 December 2024 increased to A$183 million from A$106 million in the previous year. Earnings per share were 34.4 cents up from 20.0 cents in the prior year.
The underlying profit after income tax expense attributable to members of the company for the period was A$183 million, an increase of A$28 million on the A$155 million underlying net profit after tax reported in the corresponding period.
Statutory revenue was A$5.610 billion, a decrease of A$211 million from A$5.821 billion last year. The aggregated revenue for the latest period was A$5.989 billion, an increase of A$379 million on the A$5.610 billion reported in the corresponding period.
The company reconfirmed its outlook for fiscal year 2025 and targets low double-digit EBITA growth and expects the underlying EBITA margin, excluding the impact of procurement, to be within a range of 8.0%-8.5%.
The company said it is successfully executing its strategy, which supports maintaining high single-digit EBITA margins and targets low double-digit EBITA Compound Annual Growth Rate or CAGR.
The directors have resolved to pay an interim dividend of 25 cents unfranked per fully paid ordinary share, including exchangeable shares. On 31 December 2023, 25 cents per share was unfranked. The dividend will be paid on Wednesday, 2 April 2025 with a record date of 5 March 2025.
Worley noted that it plans to undertake an on-market share buy-back of up to A$500 million subject to market conditions. The share buy-back will commence in March 2025 and the timing and value of shares purchased will be dependent on prevailing market conditions, share price and other factors.
In a separate press release, Worley Limited said it has been named by Rincon Mining Pty Limited Sucursal Argentina, a subsidiary of Rio Tinto, as the Lead Integration Delivery Partner (LIDP) for the detailed design and execution of the Rincon Full Potential Project.
Worley is responsible for the delivery of the lithium carbonate plant and will coordinate all subcontractors including technology providers, construction contractors and industrial relations support.
With a total investment of US$2.5 billion by Rio Tinto, the Rincon Full Potential Project will develop a scalable, long-life resource capable of producing 60,000 tonnes/annum of batterygrade lithium carbonate from raw brine.
Under the contract, Worley will provide LIDP services through Worley's offices in Argentina with support from our Chile office and our Bogota workshare office. The project will benefit from Worley's significant presence and expertise in the lithium market in Argentina and will boost the production of lithium carbonate for batteries.
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