Overview of Dalrymple Bay Infrastructure's FY-23 financial results

Dalrymple Bay Infrastructure Limited (ASX: $DBI) has reported its full-year financial results for the twelve months ended 31 December 2023 (FY-23). The company achieved a total income of $654.8m, with Terminal Infrastructure Charge Revenue of $278.8m and a statutory net profit after tax of $73.9m. DBI maintained an investment grade balance sheet with reported borrowings of $2,096.7m at 31 December 2023. The company also announced a distribution of 20.80 cents per security for FY-23, in line with guidance.

Executive commentary on FY-23 financial performance and strategic positioning

'DBI's financial performance in FY-23 highlights the stability and predictability of our business. The increase in the Terminal Infrastructure Charge for TY-23/24 reflects our robust access pricing framework and the ability of our business to navigate and prosper amongst inflationary pressures. Our access pricing framework provides significant cash flow certainty for our business, allowing DBI to plan with confidence over the medium to longer term as we implement our organic growth projects and pursue our transition strategy. With the Dalrymple Bay Terminal positioned as a critical link in the global steel making supply chain, our robust balance sheet and our predictable earnings stream, DBI remains well positioned to continue to deliver stable returns for our shareholders.'

Summary of FY-23 results and future outlook

Dalrymple Bay Infrastructure (ASX: $DBI) reported a stable financial performance for FY-23, with a focus on organic growth through the Non-Expansionary Capital Expenditure (NECAP) Projects. The company raised AUD$530m of fixed rate senior secured notes to extend its debt tenor to 7.7 years, maintaining a strong liquidity position. DBI reaffirmed its distribution per security growth target of 3-7% per annum for the foreseeable future, subject to business developments and market conditions. The company aims to deliver stable and predictable cash flows, pursue organic revenue growth, and retain an investment grade credit rating. Additionally, DBI is exploring opportunities for diversification and sustainability initiatives, while advancing concept studies for potential regional hydrogen production, storage, and export facility. The company's strategic priorities over the next 12 months include delivering organic revenue growth, progressing opportunities for coal production, and retaining an investment grade credit rating.