Origin Energy (ASX: $ORG) has reported a strong FY24 performance with a statutory profit of $1,397 million, up from $1,055 million in FY23. The underlying profit also saw a significant increase, rising to $1,183 million from $747 million in the previous year. The company's underlying EBITDA reached $3,528 million, up from $3,107 million in FY23. Additionally, Origin Energy's adjusted net debt to adjusted underlying EBITDA ratio decreased to 1.0x from 1.2x at 30 June 2023, indicating improved financial strength.
Frank Calabria, CEO of Origin Energy, highlighted the recovery in energy markets, citing a strong earnings result driven by the rebound in energy markets from lagged higher wholesale electricity prices flowing into customer tariffs and lower coal costs. The company also saw a 3% increase in APLNG production and a decrease in the share of Octopus Energy earnings, partly offset by robust customer growth. Calabria emphasized Origin's commitment to supporting customers in hardship, including increased financial support and an agreement with the NSW Government to extend Eraring's operations to ensure reliable energy supply. He also emphasized the company's focus on executing its energy transition strategy, including investments in renewables and storage, and increasing shareholder distribution.
Origin Energy's FY24 results reflect a robust performance with significant improvements in statutory profit, underlying profit, and underlying EBITDA. The company's strategic focus on leading the energy transition through cleaner energy and customer solutions is evident in its increased investments in renewables and storage. Origin Energy's commitment to supporting customers in hardship and its agreement with the NSW Government to extend Eraring's operations demonstrate its dedication to ensuring reliable energy supply. Looking ahead, the company aims to maintain its strong financial position, execute its energy transition strategy, and continue delivering value to its shareholders.