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ENERGY Developments Limited (ASX:ENE) today reported net profit after tax of $19.5 million for the half year ending 31 December 2014 - a 6 per cent decrease on the prior corresponding period.
However EBITDA was up 14 per cent at $96.1 million - the driver behind the company's increase in profit before tax which rose by $10 million to $27.1 million.
The international provider of greenhouse gas emissions energy and remote energy solutions has also increased the FY15 interim dividend to 20 cents per share from 28 cents per share and franked to 75 per cent.
"The increase to the interim dividend represents a sustainable payout level, strongly covered by the groups operating cash flow on a full year basis," says ENE chairman Rob Koczkar.
"The dividend is also consistent with ENE's progressive dividend policy under which ENE intends to maintain or increase dividends as earnings and cash-flows increase.
"ENE is committed to providing sustainable returns to shareholders through the return of excess cash flow while also actively pursuing growth in our core business."
The company attributes the growth to recent expansion and acquisitions including the 53MW McArthur River expansions, the 51MW acquisition and lease-back of Upstream LNG power generation assets, the 43MW acquisition of Envirogen and the 18MW expansion of Moranbah North.
ENE managing director Greg Pritchard says the half year result demonstrates ENE's ability to deliver profitable growth and sustainable earnings from its globally diversified portfolio of projects.
"The company has successfully extended several key contracts in the last 12 months and it is well positioned for growth in the future," he says.
Looking forward, Pritchard says ENE has an active pipeline of growth opportunities focused on tailored power solutions for existing and new customers, extensions at existing sites and selective acquisitions within the business.
"Our long dated relationships with blue chip counterparties will also create adjacent power infrastructure opportunities," says Pritchard.
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