AGL Energy Reports Half-Year Profit Growth

AGL Energy, one of Australia's leading electricity providers, has announced a significant turnaround in its financial performance for the first half of the year. The company reported a net profit of AUD 576 million, compared to a loss of AUD 1.08 billion in the same period last year. This remarkable improvement can be attributed to higher wholesale electricity pricing and a better performance from AGL's power-generation assets.

Financial Highlights

• Net profit of AUD 576 million in the six months through December
• One-off impairment charges led to a loss of AUD 1.08 billion last year
• Revenue decreased by 21% to AUD 6.18 billion

Strong Underlying Profit Growth

AGL's underlying profit, which excludes one-off items, increased significantly to AUD 399 million, up from AUD 87 million in the previous year. This reflects the company's ongoing focus on improving operational efficiency and cost management.

Dividend Declaration

Directors of AGL also announced an interim dividend of 26 cents per share, a substantial increase from the 8 cents paid out last year. This marks the first dividend payout under the revised policy, which aims to distribute 50-75% of underlying profit after tax to shareholders.

AGL Energy's positive financial performance demonstrates its ability to adapt to market conditions and capitalize on opportunities within the energy sector. With a renewed focus on profitability and shareholder value, AGL is well-positioned for continued growth in the coming months.