Transurban Group (ASX: TCL) reports 310% jump in H1FY24 profit: Here’s what to expect in 2HFY24

Mon 25 Mar 24, 04:08 AM | Team Kalkine

Image source: © Piter2121 | Megapixl.com

Highlights

Transurban Group owns, operates and develops electronic toll road and intelligent transport system in North America and Australia

In 1HFY24, the company reported 310.4% increase in its net profit to AUD 230 million

In FY24, the company is expected to declare dividend of 62 cents per security, representing 7% rise over the previous fiscal

Transurban Group (ASX: TCL) is an ASX-listed toll operator which owns, manages and develops electronic toll roads and intelligent transport systems. Established in 1996, TCL specialises in toll road management, operation and development, particularly in Australia and North America.

In the first half of the financial year 2024 (1HFY24), revenue of the company jumped 4.5% YoY to AUD 2,125 million, backed by rise in toll, construction and other revenue during the reported period. In 1HFY24, gross distribution climbed 13.7% YoY to AUD 927 million, meanwhile profit surged by 310.4% YoY to AUD 230 million. The profit growth was driven by toll revenue growth and low finance cost.

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