Genesis Energy net profit up 72% YoY in FY23

The number of its customers increased by over 10,000.

New Zealand’s Genesis Energy has posted a 72% year-on-year (YoY) increase in net profit after tax in the first half of the financial year 2023 ending on December 2022 to around $89.6m (NZ$145.3m) on the back of the revaluation of long-term contracts.

In a statement, its earnings before interest, tax, depreciation, amortisation, and fair value adjustments rose 42% YoY to $183.9m (NZ$298.3m).

The company also gained 10,273 customers or a 2.2% increase to reach over 481,000. Residential churn, meanwhile, slipped by one percentage-point to 12% from the same period last year.

Genesis was able to generate a record of 2,034 gigawatt-hours from its three hydro schemes, up 43% YoY. It also reduced thermal generation at the Huntly Power Station, cutting its carbon emissions from generation by 470,000 tonnes ar by 52% YoY.

It declared an interim dividend of 8.80 costs per sale, representing a “continued value for shareholders while retaining capability for future investment.

$1 = NZ$1.62

Follow the link for more news on

Genesis Energy

Also Read

Vena Energy’s 53 MW Kasama Solar Project starts operation

Adani Green’s operational capacity up 34% in H1

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit