Manawa Energy, a leading energy company, announced that its underlying profit for the first half of the fiscal year improved by 13%. This increase was primarily driven by higher hydro generation volumes. The company reported underlying earnings of NZ$39 million, up from NZ$35 million in the same period last year.
When considering only the continuing operations, net profit rose by 38% to NZ$56.5 million. However, when including all operations, the overall net profit fell by 86%.
To reward its shareholders, Manawa Energy’s directors declared an interim dividend of 8.0 New Zealand cents per share, which is up from 7.5 cents in the previous year.
Clayton Delmarter, the interim chief executive of Manawa Energy, attributed the improved profitability to the increase in generation volumes. The company generated 1,110 gigawatt hours of renewable energy in the first half of the fiscal year, representing a 14% increase compared to the previous year.
Delmarter also mentioned that the overall water storage volume reduced from 133% of the average at the end of June to 82% through September. This reduction was due to deliberate generation ahead of a planned outage at the Waipori scheme. Delmarter commended his team for their efforts in meeting the elevated demand for electricity and capturing value during the colder months.
Overall, Manawa Energy’s strong performance showcases its commitment to providing sustainable and reliable energy solutions.