AGL Energy has reported a 6.5% decline in first-half underlying net profit, totaling $373 million for the six months ending December 31, 2024. This decrease is primarily due to increased consumer customer margin compression resulting from lower customer pricing and heightened market competition.
Despite the drop in profit, sales revenue increased by 15% to $7.13 billion during the same period.
The company declared an interim dividend of 23 cents per share, down from 26 cents in the prior corresponding period.
AGL has narrowed its guidance range for full-year underlying net profit to between $580 million and $710 million. This adjustment reflects a strong first-half performance, with expectations of moderated earnings in the second half due to anticipated lower customer gas and electricity demand, as well as ongoing customer competition.
CEO Damien Nicks stated, “We delivered a strong first half result in line with expectations, driven by the flexibility of our generation fleet and its ability to capture higher realised electricity pricing. This included continued strong earnings from our growing battery portfolio.”
AGL continues to focus on assisting customers with ongoing cost-of-living pressures, aiming to balance affordability with the company’s financial performance.
