Dalrymple Bay Infrastructure Posts $43.1m H1 Profit, Declares 5.875c Distribution
Dalrymple Bay Infrastructure Limited reported a 17.1% rise in net profit to $43.1 million for H1 2025, declaring a 5.875 cents per security distribution and advancing $405 million in capital projects to enhance its coal export terminal.
- 17.1% increase in net profit to $43.1 million
- Revenue up 4.9% to $396.4 million despite weather disruptions
- Q2-25 distribution declared at 5.875 cents per security
- Committed $405.5 million in sustaining capital expenditure projects
- Strong balance sheet with $450 million undrawn bank facilities
Financial Performance Highlights
Dalrymple Bay Infrastructure Limited (DBI) has released its half-year results for the period ending 30 June 2025, showcasing a solid financial performance amid operational headwinds. The company reported revenue of $396.4 million, a 4.9% increase compared to the prior corresponding period, driven primarily by steady demand from metallurgical coal producers. Net profit after tax rose 17.1% to $43.1 million, reflecting improved operational efficiencies and reduced interest expenses following significant debt repayments in late 2024.
Operational Resilience Despite Weather Impacts
DBI’s core asset, the Dalrymple Bay Terminal (DBT) at the Port of Hay Point, handled 27.6 million tonnes of coal exports in the first half of 2025. This was down from 29.9 million tonnes in the same period last year, primarily due to substantial rain events that disrupted throughput early in the period. Nevertheless, the terminal maintained a diverse export portfolio, shipping over 50 grades of metallurgical coal to more than 23 countries, with key markets including Japan, South Korea, India, Taiwan, and China.
Capital Investment and Growth Initiatives
DBI continues to invest heavily in sustaining and growth capital expenditure, with approximately $405.5 million committed to Non-Expansionary Capital (NECAP) projects over the next two to three years. Major ongoing projects include the replacement of the Shiploader (SL1A) and Reclaimer (RL4), scheduled for completion by mid-2026 and early 2027 respectively. These investments aim to maintain operational reliability and meet capacity commitments amid expected strong export demand.
Balance Sheet and Distribution Strategy
The company’s balance sheet remains robust, with $450 million in undrawn bank facilities and $23.6 million in unrestricted cash as of 30 June 2025. Interest costs have decreased significantly due to the repayment of US Private Placement notes, partially offset by lower interest income following the deployment of cash into capital projects. DBI declared a Q2-25 distribution of 5.875 cents per security, payable on 16 September 2025, continuing its commitment to quarterly distributions and delivering stable cash flows to securityholders.
ESG and Regulatory Outlook
On the environmental and safety front, DBI reported no fatalities or serious injuries during the period and no reportable environmental incidents, underscoring its commitment to operational safety and compliance. The company is advancing alignment with the Australian Sustainability Reporting Standards for climate-related disclosures, expected to be included in the 2025 annual report. Regulatory oversight continues under the Queensland Competition Authority’s third-party access regime, with the Terminal Infrastructure Charge set at $3.72 per tonne for the 2025/26 year.
Looking Ahead
DBI’s outlook remains cautiously optimistic, focusing on organic revenue growth through NECAP projects and exploring opportunities to service long-term capacity needs in the Bowen Basin. The company is also evaluating diversification options and alternative uses for the terminal, while maintaining an investment-grade credit profile. The next phases of capital projects and market conditions will be critical to sustaining DBI’s growth trajectory and distribution capacity.
Bottom Line?
DBI’s strong half-year results and substantial capital commitments position it well for future growth, but weather disruptions and project execution remain key watchpoints.
Questions in the middle?
- How will ongoing weather volatility impact DBT’s throughput and revenue in the coming quarters?
- What is the timeline and expected financial impact of the 8X Expansion Project currently under study?
- How might DBI’s diversification strategy evolve amid shifting global coal demand and ESG pressures?