Results wrap: BHP, Coles, Woodside

AS the Australia finance world creeps closer to the end of a busy reporting season, three of Australia’s biggest companies – BHP Group Ltd (ASX:BHP), Woodside Energy Group Ltd (ASX:WDS), and Coles Group Ltd (ASX:COL) have rolled out final year and half year results.

Mining titan BHP emphasised a better-than-expected underlying profit figure of US$13.7 billion for the 2024 fiscal year, representing an increase of 2% from FY23, while underlying EBITDA rose 4% to US$29 billion.

Higher prices in both iron ore and copper accounted for a 3% rise (or US$1.8 billion) in revenue to US$55.7 billion, with sales volumes increasing 3% for the red metal and 5% for iron ore.

However, more sobering was the company’s general reading for net profit after tax, which showed a fall by 39% to US$7.9 billion.

Additionally, BHP chair Ken MacKenzie warned that geopolitical headwinds would continue to impact the global economy and create volatility in the 2025 fiscal year.

BHP’s final dividend came in at US 74 cents a share, or a 53 per cent payout ratio.

Over in retail sector, supermarket behemoth Coles said its profit after tax had increased 8.3% to $1.13 billion in FY24, from $1.04 billion the previous year.

Earnings before interest and tax were also trending upwards, at $2.04 billion from $1.97 billion, representing an increase of 3.4%.

Coles’ final dividend was 32 cents, for a total dividend of 68 cents, this being a change from 30 cents and 66 cents respectively in FY23.

The company’s supermarket sales revenue grew by 6.2% to $39.0 billion compared to the 2023 fiscal year, and this was underpinned by customer responses to Coles’ initiatives such as the ‘Great Value, Hands Down’ seasonal value campaigns, continuity and collectibles programs and trade events such as Christmas, Easter and Mother’s Day, as well as strong growth in eCommerce and improvements in availability.

Meanwhile, in the energy sector, Woodside said its net profit after tax had risen 11% in the first half of FY24 to US$1.94 billion, from US$1.74 billion in the prior comparable period.

However, earnings (EBIT) also came in weaker, with a 15% fall to US$2.36 billion (from US$2.79 in the first half of FY23).

Woodside’s interim dividend was 69 US cents, compared to 80 cents in the first half of 2023.

The company said its production volumes were 4% lower when it came to gas, but 2% higher when it came to liquids.

The market responded positively to all three sets of results on Tuesday. At 13:28 AEST, Woodside shares had risen 4.76% to $27.64, BHP shares were up 1.93% at $41.63, and Coles shares were up 2.28% at $18.88.