DALRYMPLE Bay Infrastructure has announced a spike in profit for the first half of 2023, and the departure of its CEO.
ASX-listed DBI manages the Dalrymple Bay Coal Terminal at the port of Hay Point in Queensland.
The group’s net operating profit after income tax shot up 415% from $6.6 million in the first half of 2022 to $34 million in the same period this year.
Statutory total revenue hit $306 million for the first half of 2023, a 19% increase from the $255.7 million reported in the same period last year.
Its non-statutory EBITDA came to $125.7 million in H1 of this year, up $97.5 million in the same half of 2022.
DBI managing director and CEO Anthony Timbrell said the company’s coal terminal was a critical link in the global steel making supply chain and a key asset in the Queensland and Australian economies.
“The increase in Terminal Infrastructure Charge for TY23-24 reflects our robust access pricing framework and our ability to navigate inflationary pressures which resulted in a 7% increase in our distribution guidance,” he said.
“Our access pricing framework provides significant cash flow certainty for our business which allows DBI to plan with confidence over the medium to longer term as we implement our organic growth projects and pursue our transition strategy.”
Over the next 12 months DBI hopes to identify opportunities for diversification and complete initial scoping studies for green hydrogen export.
And the company has commenced an external search process for a new CEO; Mr Timbrell is leaving the company following “an orderly transition”.
He has been with DBI and predecessor companies for 15 years, having served as CEO for 13 of those years.
“I am extremely proud of DBI and our team,” Mr Timbrell said.
“During my time at DBI we have maintained an excellent safety record, invested over $400 million in non-expansionary capital into the Dalrymple Bay Terminal for the benefit of our customers, and delivered stable, predictable and growing distributions for our shareholders.
“DBI is well positioned for growth and I am confident in DBI’s future.”
DBI chair David Hamill said Mr Timbrell had built a “solid platform for growth” as the company’s inaugural managing director.
“In addition to his successful leadership through the IPO in 2020, Anthony has led the company through numerous growth projects and regulatory resets,” he said.
“Under Anthony’s leadership the company achieved the transformative transition to a light-handed regulatory environment, under which DBI secured a material pricing uplift with CPI indexation with all of its customers, while retaining key commercial terms such as 100% take-or-pay contracts, socialisation of charges in the event of customer default or contract expiries and no force majeure.
Dr Hamill said this had allowed DBI to establish a predictable and growing distribution profile.
“Anthony has also played a leading role in the development of DBI’s transition strategy to guide the company’s response to climate-related risks and opportunities arising as the global economy moves to a low-carbon future,” he said.
“On behalf of the board, I would like to sincerely thank Anthony for his exceptional contribution to DBI.”
Mr Timbrell will continue to lead DBI as the board searches for his successor and until the new CEO commences.
