Eagers Automotive (ASX:APE) Reports Record Revenue and New BYD Partnership
Financial Performance
Eagers Automotive reported a record full-year revenue of $11.2 billion for 2024, marking a 13.6% increase or $1.3 billion growth compared to 2023. The company achieved an Underlying Operating Profit Before Tax of $371.2 million and a Statutory Profit Before Tax of $335.6 million. Additionally, Eagers Automotive recorded an EBITDAI of $550.4 million.
Shareholder Returns
The Board approved a record full-year dividend of 74.0 cents per share, maintaining the same dividend as in 2023.
Sustainability Initiatives
In 2024, Eagers Automotive advanced its sustainability strategy by embedding ESG initiatives into its governance and risk management frameworks. The company focused on safety, culture, and energy reduction activities to support future reporting obligations and community expectations.
Trading Update and Year Ahead
For 2025, Eagers Automotive remains optimistic despite challenging economic conditions, including inflation and interest rate pressures. The company highlighted its strong balance sheet and significant property holdings as foundations for continued investment under its Next100 strategy. Year-to-date trading shows an underlying PBT marginally ahead of 2024, with expectations of sustained revenue growth exceeding $1 billion.
Retail Joint Venture with BYD Australia
Eagers Automotive announced a new long-term agreement with BYD Australia to extend its role as both importer and distributor for the BYD brand. The five-year term includes a further five-year option period and grants Eagers the rights to expand the BYD retail network, strengthening the partnership for the next decade.
Executive Comments
CEO Keith Thornton stated, “The resilient financial performance achieved in 2024 is testament to the people who make Eagers such a unique, industry-leading company.” He also expressed confidence in the company’s future outlook, emphasizing the strategic value of the new partnership with BYD Australia.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Eagers Automotive Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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