AGL Energy Reports Revenue Growth, Declining Profits for H1 2024

AGL Energy Limited has reported its financial results for the first half of fiscal year 2025, showing a statutory profit after tax of $97 million, which is an 83.2% decrease compared to the previous year, despite a revenue increase of 15.3% to $7,132 million. The drop in profit was largely due to significant losses related to contract provisions and financial instruments. AGL is tightening its annual guidance, anticipating underlying earnings between A$1.935 billion and A$2.135 billion, reflecting expectations of moderated earnings in the second half of the fiscal year. The company is actively transitioning towards renewable energy sources, including a new A$750 million battery project at the site of its closed Liddell coal plant. AGL's strategy focuses on enhancing operational efficiency and expanding its battery portfolio amid competitive market pressures. Despite current challenges, AGL remains committed to its Climate Transition Action Plan aimed at achieving a sustainable energy future.