Full Year 2024 Qube Holdings Ltd Earnings Call Transcript
Key Points
- Qube Holdings Ltd (ASX:QUB) delivered double-digit growth for the fourth consecutive year, showcasing the robustness of its business model.
- The company saw positive performance across most key markets, with expectations of continued growth in 2025.
- Automotive volumes remained high throughout the year, contributing significantly to overall performance.
- Qube Holdings Ltd (ASX:QUB) has a strong safety culture, with improvements in key safety metrics despite a tragic incident.
- The company is confident in achieving a 12% return on capital employed over the midterm, up from the previous 10% target.
- The agri sector underperformed in 2024 compared to 2023, although a stronger performance is expected in 2025.
- New Zealand log exports remained flat, although earnings improved due to cost reduction measures.
- The resources sector faced volume challenges with some customers, and ongoing issues with commodity prices and labor shortages are expected to persist.
- The Moorebank IMEX terminal incurred a $7 million EBIT loss last year, although it showed a small profit in July.
- Higher underlying net finance costs, which increased by $32-$33 million compared to FY23, impacted overall financial performance.
Thank you for standing by, and welcome to the Qube Holdings Limited FY24 full year results. (Operator Instructions) I would now like to hand the conference over to Paul Digney, Managing Director. Please go ahead.
Good morning, everyone, and thank you for joining this morning's call. Joining me, as always, is Mark Wratten and Paul Lewis. I want to start by acknowledging the traditional custodians of country around Australia.
Starting on slide 6 on the investor presentation, full year '24 highlights. Numbers on the slide really speak for themselves. 2024 year now marks the fourth consecutive year that Qube delivered double-digit growth. That's a testament to our strategy and the quality of our assets, systems, and our people. It highlights the benefits of our diversification that enables the business to navigate inflationary pressures and economic challenges that have persisted throughout the year, but over the last couple of years since COVID. It just demonstrates just how robust the Qube business is.
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