Photo: RNZ / Nate McKinnon
Contact Energy's full-year net profit is up 41 percent, with revenue up 20 percent.
The energy generator and retailer's underlying profit was up 17 percent, boosted by a strong lift in geothermal generation, as well as improved sales and customer numbers.
Key numbers for the full year ended June compared with a year ago:
- net profit $331m vs $235.3m*
- revenue $3.44b vs $2.86b
- underlying profit $872m vs $774m*
- FY dividend 39 cents per share vs 37cps
*2024 reported figures include a net movement in the onerous contract provision relating to the Ahuroa Gas Storage facility of $12m.
Chief executive Mike Fuge said the next 12 months will see Contact integrating the Manawa Energy business, as Contact's takeover of Manawa settled early last month.
It will also bring two new renewable energy projects online, including a gridscale battery at Glenbrook and the Kōwhai Park solar farm, which were expected to be brought online in the second half of the current financial year.
He said last year's operating conditions featured volatile hydro conditions, while gas supply continued to tighten, with domestic production down more than 20 percent over the last calendar year.
"Together, these conditions impacted wholesale pricing as more expensive thermal generation was required to cover the reduction in hydro generation in the market," Fuge said.
Contact's retail connections rose 3.3 percent to 646,000, including electricity, gas and broadband, with a focus on multi-product customer growth, which rose 7 percent.
Fuge said Contact was committed to reaching net zero emissions from generation by 2035.
"We will continue to deliver the new renewable electricity projects and innovative supply arrangements that are needed to support the energy transition in New Zealand.
"Progress will require both visionary aspiration and the ability to remain responsive to this country's energy needs."
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