Transurban (ASX: TCL) shares 1HFY24results, maintains FY24 dividend guidance

2 min read | February 08, 2024 01:19 PM AEDT | By Team Kalkine Media

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Transurban (ASX: TCL) shares 1HFY24results, maintains FY24 dividend guidance — Image source: © Piter2121 | Megapixl.com

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The provided text discusses Transurban's (ASX: TCL) financial results for the first half of the fiscal year 2024 and its impact on the Transurban Group's share price. Here's a summary of the key points:

Financial Highlights

Revenue Increase: The Transurban Group experienced an increase in Average Daily Traffic (ADT) by 2.1% year on year to 2.5 million trips.
Toll Revenue Growth: Proportional toll revenue rose by 6.3% from the first half of fiscal year 2023 to $1.76 billion.
Earnings: Proportional Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) reached $1.33 billion.
Dividend: The company declared an interim unfranked dividend of 30 cents per share, marking a 13% increase from the FY 2023 interim dividend.

Operational Highlights

Traffic Growth: The 2.1% increase in traffic was attributed to growth in all operational regions and the opening of new assets, including Sydney's Rozelle Interchange.
Operational Cost Management: Transurban successfully limited operational cost growth to 1.7%, below inflation levels.
Financial Position: As of December 31, Transurban held around $3.4 billion in corporate liquidity, with 94.6% of its debt book hedged.

CEO's Comments

CEO Michelle Jablko attributed the positive financial performance to solid traffic results, disciplined operational and financial cost management, and the completion of the Rozelle Interchange. She highlighted growth in Brisbane, improved traffic performance in North America, and collaboration with Google to enhance transparency on Google Maps in Australia.

Future Outlook

Transurban maintained its FY 2024 dividend guidance at 62 cents per share, reflecting a 7% increase from the previous fiscal year. The company anticipates the dividend to include around 4 cents per share from WestConnex cash. Longer-term, Transurban aims to deliver disciplined growth through existing opportunities, supporting forecasted population growth in key markets and emerging mobility trends.

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