Report wrap: Woodside hits record production but profits tank; Coles reports & more

Another big day in the reporting landscape for the ASX200 – it’s been a few days since we’ve had several real big hitters lining up in a row.

Today we’ve got the other half of the supermarket duopoly; Australia’s energy major Woodside, Zip Co, and G8 Education.

Woodside’s results are probably the biggest to note – net profits after tax are down seventy four percent versus the 2022 calendar year (the stock dropped its full CY23 results on Tuesday.)

Let’s dive in.

Coles (ASX:COL)

  • Revenue: $22.2B vs $20.8B pcp (+6.8%)
  • Group EBIT: $1.064B (+0.6% vs pcp)
  • Group NPAT $594M (-3.6% vs pcp)
  • Dividend: 36c
  • Commentary: “Sales revenue from Supermarkets increased by 4.9% to $19,778 million mainly driven by the successful execution of key seasonal events including Christmas, Halloween and Father’s Day, and a positive customer response to the Curtis Stone BBQ continuity campaign. Sales revenue was also supported by improvements in availability.”

Woodside Energy (ASX:WDS)

Woodside has dropped full year 2023 results today.

The company has hit record production, and yet, net profits after tax have sunk -74% Year on Year as the COVID-borne energy crisis fades.

  • NPAT: $1.66B vs $6.498B pcp (-74%)
  • Revenue: $13.9B vs $16.8B pcp (-17%)
  • Sales: 201.5MMboe vs 168.9MMboe pcp (+19%)
  • Full-year dividend: US140c vs US253c pcp (-45%)

Zip Co (ASX:ZIP)

  • Group revenue: $430M (+28.9% vs pcp)
  • Transaction numbers: 38.6M (+5% vs pcp)
  • Revenue margin: 8.5% (+130bps vs pcp)
  • Bad net debts: 1.9% (unch vs pcp)
  • Cash gross profit: $176.2M (+45.9% vs pcp)
  • Americas commentary: “Zip Americas delivered a record half for TTV (up 33.3% vs 1H23) and revenue (up 40.3% vs 1H23) with a strong seasonal performance and US bad debts continued to perform well with monthly cohort loss rates at or below 1.4% of TTV.”
  • ANZ commentary: “Australia and New Zealand (“ANZ”) cash EBTDA was a solid result with revenue growth of 22.7% osetting a significant increase in interest costs, demonstrating the resilience of the business model.”

G8 Education (ASX:GEM)

  • G8 Education has released results for the full 2023 calendar year on Tuesday.
  • Group revenue: $983.4M (+9.1% vs pcp)
  • NPAT: $56.1M (+53.1% vs pcp)
  • CY23 full-year dividend: 4.5c (+50% vs pcp)
  • Commentary: “Our team’s effort in 2023 saw G8 Education continue to improve its financial performance by focusing on improving experiences for its families and employees, while maintaining a disciplined approach to running our business, optimising our network, and carefully managing costs and our balance sheet.”

The company noted macro remains “challenging.”

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