APA Group has reported a 9.1 per cent increase in underlying earnings before interest, taxes, depreciation, and amortisation to $1.015 billion for the half-year ending 31 December 2024 (1H25).
APA’s total statutory revenue rose 7.1 per cent to $1.36 billion, while free cash flow increased by 3.6 per cent to $552 million, driven by contributions from its Pilbara Energy System, higher customer demand, and inflation-linked tariff escalations.
Despite these gains, APA’s statutory net profit after tax (NPAT) fell to $34 million, reflecting the prior period’s one-off gain from the remeasurement of its stake in the Goldfields gas pipeline.
The company continues its capital investment in growth projects, with $339 million allocated to initiatives such as the completion of the Port Hedland solar and battery project and the Kurri Kurri lateral pipeline. APA also announced early works on its East Coast Gas Grid expansion and the execution of the Sturt Plateau pipeline development agreement.
APA CEO and Managing Director, Adam Watson, said the company has delivered a strong financial and operating result for the half with growth in revenue, earnings, free cash flow and distribution.
“Today’s result demonstrates the strength of our underlying business, our continued focus on operational excellence and asset reliability, and our work to drive further cost optimisation, which is designed to increase free cash flow, support growth projects and ensure we can continue to deliver for investors,” Watson said.
“Our growth pipeline in the Pilbara also continued to progress. Construction of the Port Hedland solar and battery project was completed in December and we were awarded priority project status for two electricity transmission projects.
“We also continued to progress growth in our core gas transmission and storage business. In December we executed an agreement to build, own and operate the Sturt Plateau pipeline, which will ensure Beetaloo gas is available to support energy security in the Northern Territory, and today we announced our plans to deliver material infrastructure capacity expansion in our East Coast Gas Grid.”
