Energy infrastructure company Envestra has held its 2013 AGM.
Highlights of the meeting include the company’s profit after tax guidance being maintained at around $140 million throughout the 2013-14 period (up 30% from 2012-13), a $270 million capital expenditure program for the next financial year and dividends of 6.4 cents per share to be paid in 2013-14.
It was also announced that $1.3 billion would be invested in growth projects and a main replacement program over the next five years.
The company has also met their goal of being upgraded by Standard and Poor’s to BBB Stable.
Final dividends for the 2012-2013 financial year will be 3.2 cents.
While 417 kilometres of old cast iron and unprotected steel gas mains were replaced in 2012-2013, with another 460 kilometres expected to be replaced in 2013-14.
Envestra’s market value has also substantially increased in the last few years and the company is now just outside the top 100 on the ASX list.
The company raised $219 million in new equity and debt was reduced by $124 million.
For more information see the Envestra website.