Origin’s core profit surges 83.5pc, forecasts better results

Why it matters: Origin is one of the country’s biggest energy providers and is the target of an $18.7 billion takeover.The company declared a final dividend of 20¢ a share, up from 16.5¢ a year earlier.

Underlying net profit for Origin, the subject of an $18.7 billion takeover proposal led by Canada’s Brookfield, rose to $747 million for the year ended June 30, higher than some analysts were forecasting. The figure was up from $407 million a year earlier.Origin declared a final dividend of 20¢ a share, up from 16.5¢ a year earlier.

For the coming year, Origin said energy markets EBITDA would increase to between $1.3 billion and $1.7 billion, excluding Octopus, where earnings would be lower due to stronger retail competition. APLNG production is expected to be between 680 and 710 petajoules.

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Warning on takeover bid for Origin as transition lagsEnergyAustralia told the competition regulator that blocking the takeover could be another hurdle for the investment needed to fund the energy transition.
Source: FinancialReview - 🏆 2. / 90 Read more »