Ann: Results Presentation, page-3

'The Australian' summarised the result thus:

Underlying Net Profit: $281m, down 10%
Underlying Earnings: $1.633bn, down 1.3%
Dividend: 51c per share
Gas pipeline giant APA Group's annual earnings dipped as it battled softer contract renewals from customers amid challenging market conditions.

Underlying earnings fell 1.3 per cent to $1.633bn for the 2021 financial year, at the lower end of a $1.625bn – $1.665bn range previously guided by the company.

Demand on the east coast gas market has dropped among industrial and commercial customers with market conditions described as challenging.

Underlying profit declined 10 per cent to $281m while on a statutory basis profit plunged 98 per cent to $3.6m after it took a previously announced $249m writedown on its Orbost gas plant.

A full year payout to shareholders of 51c per security is up 2 per cent on last year while it expects to ift returns to 53c in the 2022 financial year.

The Sydney-based company has been scanning US targets as it looks to add a higher margin business to its regulated Australian earnings and is targeting electricity integrated energy infrastructure in addition to its existing search for gas pipelines and utilities.

A rough deadline of early 2022 to identify a deal had previously been disclosed, part of APA’s efforts to diversify the business which include its new Pathfinder program focusing on emerging technologies including hydrogen, energy storage and off grid renewables.

It owns 15,000kms of gas pipelines worth $21bn across Australia and delivers half the nation’s gas along with stakes in storage facilities, power stations and wind and solar farms.