Megaport Records Historic First Ever Net Profit After Tax
Unprecedented Financial Transformation
Megaport has recorded its first ever positive net profit after tax (NPAT) for the financial year, pulling in $9.6 million for the year ending June 30.
This result for FY24 marks an impressive 198.3% year-on-year increase, rebounding from a net loss of $9.8 million in FY23—a remarkable jump of $19.4 million.
Revenue Growth and EBITDA Surge
As revealed in a report to the Australian Securities Exchange (ASX), the network-as-a-service provider reported:
- Total revenue: Up 28% to $195.3 million
- Gross profit: Increased 32% to $136.8 million
- EBITDA: Reached $57.1 million, up 182.7%
Last year's guidance pointed to EBITDA of $46 million for FY24. These improvements indicate a significant shift towards profitable, efficient growth.
A Massive Milestone Achieved
Megaport's CEO, Michael Reid, emphasized that the company executed a massive financial turnaround during FY24, reaching $200 million in annual recurring revenue. This achievement is categorized as a tremendous milestone for Megaport’s ongoing strategic growth.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.