Australia's Transurban Turns To Profit In H1, Lifts Dividend; CEO Scott Charlton To Resign

Transurban (TCL.AX, TRAUF), an Australian developer and operator of toll roads networks, reported Tuesday that its first-half profit was A$55 million, compared to last year’s loss of A$106 million.

On a pre-tax basis, loss was A$42 million, narrower than last year’s loss of A$261 million.

Total revenue climbed to A$2.03 billion from A$1.30 billion a year ago. Toll revenue was A$1.44 billion, up from A$1.06 billion last year.

Further, the company said a distribution totalling 26.5 cents per stapled security will be paid on February 13 for the six months and does not include a Capital Release.

For fiscal 2023, the distribution is now expected to be 57.0 cents per stapled security, a 4.0 cps increase on prior guidance, and up approximately 39 percent from the prior year, reflecting significant traffic growth.

Looking ahead, Chief Executive Officer Scott Charlton said, “With positive traffic growth across our key markets, embedded inflation-linked protection on the majority of revenue and the continued progress on key project milestones, we are well-placed to deliver on growth in future cash flow.”

Further, the company announced that Charlton, CEO and Executive Director, will leave the Transurban Group at the end of calendar year 2023, after leading the company for almost 11 years.

Transurban said it has commenced a global CEO search.

In Australia, Transurban shares were trading at A$13.89, down 1.03 percent.

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