Megaport Records Historic First Ever Net Profit After Tax

Wednesday, 21 August 2024, 07:31

Megaport's massive financial turnaround has led to its first positive net profit after tax, achieving $9.6 million in FY24. This remarkable result represents a 198.3% increase from FY23 and marks a significant milestone in the company's growth strategy. Total revenue and gross profit also saw substantial increases, underscoring Megaport's efficient growth trajectory.
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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.


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