Coal goals kicked by Dalrymple

DALRYMPLE Bay Infrastructure, owner of the eponymous Queensland coal terminal, has reported a 17% increase in net profit after tax for the first half of 2025, compared to the year prior. 

The company did not reveal throughput for the half but announced terminal infrastructure fee revenue of $151.4 million, up 4.2% on 1H 2024. The TIC applicable during 1H25 was $3.59 per tonne (+4.4% vs 1H 24) and from 1 July there has been a 3.6% increase in the TIC to $3.72 per tonne.  

EBITDA was $143.8 million, up 5.3% on 1H 24, while NPAT was $43.1 million. 

During the 6-month period to 30 June 2025, DBI had no Fatalities, Serious Injuries or Illnesses and no High Potential Incidents, and the DBT Operator had no Fatalities, Serious Injuries or Illnesses and six High Potential Incidents. There were zero reportable environmental incidents or exceedances during the period. 

DBI says it has a total of ~$405.5 million in non-expansionary capital (‘NECAP’) projects underway which will be progressively completed over the next 2-3 years. 

CEO Michael Riches said the first half results continued the strong financial performance of the business, and new revenue initiatives and cost efficiencies implemented over 1H 25 will drive further earnings growth through the second half of FY25 as their full year impact is realised.  

“Completion of NECAP projects resulted in $30.4m being added to the NECAP Asset Base on 1 July 2025 which will, in conjunction with the increase in the base TIC by inflation, contribute to further growing DBI’s future revenues. The stability and growth in our revenue together with our strong balance sheet provides DBI with numerous options to continue to deliver sustained growing returns for our securityholders,” Mr Riches said. 

With regard to the outlook, DBI said it will continue to focus on its key strategic priorities over the remainder of FY25 including:  

• Delivering organic growth in revenue through both new revenue initiatives and the implementation of approved NECAP Projects. 
• Pursuing opportunities to service long-term capacity needs of metallurgical coal producers in the Bowen Basin through continued review of terminal capacity utilisation (including optimisation of existing capacity) and economic assessment of the 8X Project. 
• Identifying opportunities for diversification through disciplined acquisitions, informed by DBI’s competitive advantages and defined growth filters.

Analysts have suggested DBI may be considering an investment in or acquisition from Aurizon, which has been reported to be exploring the possible sale of its Queensland rail infrastructure network.