AGL (ASX: AGL) and its investors have a reason to smile following the energy group's FY17 results, but the same cannot be said for its customers as energy costs rise.
Yesterday, the Sydney-based AGL reported a profit of $539 million for the financial year, which is a far cry from just last year when it reported a loss of $408 million.
AGL hopes to return over $1 billion to investors over the next year, however Australian consumers will still be feeling the pinch of the rising cost of electricity bills.
In particular South Australia has been named among the states with the highest power prices in the world, according to Carbon and Energy Markets director Bruce Mountain.
CEO Andrew Vessey (pictured), who personally collected almost $7 million in pay for the year, says the results were tremendous given the state of the industry.
"Our FY17 results reflect the continued delivery of AGL's strategy as the energy sector undergoes significant change," says Vassey.
"We continue to support customers and to invest in a sustainable energy future."
"During the year, 80 per cent of residential and small business customers accessed discount products."
The energy group hopes to continue to develop strategies to increase access to low emissions energy markets for customers into FY18.
"AGL and its partners are progressing projects with a value of more than $2 billion to bring new, low emissions electricity generation and more competitive gas supply to the Australian market."
"We will also be investing in product and service innovation to empower customers and improve their energy experience."
The company declared a final dividend of 50 cents per share, 80 per cent franked.
At the time of writing, AGL shares are trading almost flat at $24.60.
Business News Australia
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