The resilience of Qube’s business and growth prospects have contributed to its strong financial performance.
The latest results – for the 12 months ended 30 June 2024 – show how Qube has mitigated cost inflation and continued with its acquisition strategy to diversify earnings.
Statutory revenue was $3,357.2 million (+16.6 per cent) and underlying revenue was $3,503.6 million (+17.2 per cent).
Statutory net profit after tax was $221.9 million (+32.2 per cent), while underlying net profit after tax was $258 million (+14.8 per cent).
The key markets that Qube engages in includes containers, agriculture, automotive, forestry, resources, energy as well as other commodities, services and products.
In addition to being well diversified across Australia’s states and territories and abroad, it delivered growth in every region. Acquisitions added revenue to Queensland and South Australia (Kalari), Western Australia (Stevenson Logistics) and New Zealand (Pinnacle). Weaker agriculture volumes in New South Wales and Queensland were largely offset by increased grain trading revenue in New South Wales.
The Logistics and Infrastructure business unit reported high volumes across most containerised activities including transport, empty container parks and warehouses.
The MLP IMEX Terminal commenced normal automated operations in late FY24. Qube handled around 24,000 TEU through this terminal July last year which was under the annualised target of 300,000-350,000. However, monthly volumes are expected to build during FY25. An empty container park adjacent to MLP IMEX has also commenced operations.
Ports and Bulk saw strong growth particularly with higher volumes of motor vehicles, fertiliser and bulk commodities.
As for Qube’s associates, Patrick’s market share reportedly increased from 42 per cent to 47 per cent (reaching 50 per cent at one stage) mainly due to industrial action at DP World.
“Patrick’s ability to efficiently handle these higher volumes reflects the benefits from the substantial investment in landside infrastructure and equipment that Patrick has and continues to undertake,” said Qube.
In FY24 Qube acquired the remaining 50 per cent stake in Pinnacle, completed its integration of Narrabri Property and Infrastructure and is still in the process of integrating Stevenson Logistics.
For FY25, Qube will continue to undertake value accretive bolt-on acquisitions. The acquisition of Melbourne International RoRo & Automotive Terminal (MIRRAT) is expected to complete by H1 FY25, subject to ACCC and Port of Melbourne approval.
Qube also acquired Colemans on 21 August 2024.
The integrated transport, logistics and storage business has a specialised licensed infrastructure which supports the Security Sensitive Ammonium Nitrate (SSAN) supply chain in Western Australia.
Qube acquired more than $90 million of assets including high security storage sheds in the mining centres of Kalgoorlie, Port Hedland and Wyndham in Western Australia as well as in Kwinana.
This acquisition will serve as a platform for Qube to enter Western Australia’s SSAN supply market.
