Financial performance
In the 2024-25 financial year, we recorded year-end profit before tax of $190.0 million. Revenue was $1.769 billion. Some of the contributors to this were:
- strong water sales
- significant contributed assets from mains extension contributions and infrastructure assets gifted to us from developers
- capital contributions for work we perform, due to strong statewide development activities.
Total expenses were $1.579 billion.
Some of the contributors to this were:
- interest expense and depreciation of infrastructure assets made up more than 40 per cent of the total expenses
- substantial operating costs including Alliance contracts and framework partner costs.
- significant electricity volumetric and network charges to facilitate our networks
As a significant revenue contributor to the Government of South Australia, for the broader benefit of the people of South Australia, an amount of $381.7 million was paid in 2024-25. This saw $84.0 million of business operating expenditure contributed to other government agencies and/or councils through:
- external fees and charges paid to other government agencies
- provision of services delivered by other government agencies
- operational taxes such as land tax or council rates.
Within interest expense, $99.8 million was paid to the South Australian Financing Authority as guarantee fees and margins. An income tax equivalent of $54.9 million and a dividend of $143.0 million were also paid.
Contributions to government
| 2024-25 actuals $’000 |
External fees and charges | 60,061 |
Contract services provided | 1,369 |
Operational taxes and tax equivalents | 22,526 |
Total contained within operating expenses | 83,956
|
As a percentage of total operating expenses | 9.0% |
Interest expense – guarantee fees* | 95,127 |
South Australia Government Financing Authority margin fees | 4,709 |
Additional interest paid to owner | 99,836
|
Income tax equivalents | 54,873 |
Dividends at 100% of profit after tax** | 142,988 |
Total amounts paid to government | 381,653 |
*Guarantee fees are paid to the South Australian government to remove any competitive advantage we might have due to our ability to borrow under the South Australian government credit rating.
**Dividend was paid based on 100 per cent of the forecast profit after tax (PAT) as at April 2025. The actual year-end PAT position was higher. This will be adjusted in the 2025-26 dividend payment.
This year, we spent $799.9 million on capital expenditure with $16.9 million spent on information technology and $783.0 million on infrastructure and mandated growth (extensions and connections).
We continue to focus on improving our water and wastewater infrastructure assets and the water security of the state, and investing in major infrastructure projects, all of which have a positive impact on our customers and the state. In 2024-25 these included:
- growth infrastructure – $145.6 million
- Bolivar Wastewater Treatment Plant capacity growth upgrade – $15.1 million
- Tea Tree Gully Sustainable Sewers – $60.4 million
- Eyre Peninsula desalination plant – $22.8 million
The following is a summary of external consultants engaged, and the nature and cost of the work undertaken.
Consultant | Amount ($) | Description/purpose |
Less than $10,000 | ||
MBB Group Pty Ltd | 5,970 | Contract review regarding Front End Engineering Design partners |
Between $10,000 and $50,000 | ||
BDO Services Pty Ltd | 31,770 | Governance review |
| Humn Pty Ltd | 17,500 | Advice regarding an organisational |
| SA Futures Agency | 14,355 | Health and safety matter |
Red Wagon Workplace Solutions | 11,044 | Review of Strategy for 2026 and beyond |
Greater than $50,000 | ||
| KPMG | 670,095 | Growth Transformation advice and Strategy review |
| Ernst & Young | 198,619 | Energy Strategy review |
Farrah Seidel | 60,735 | Independent service provider to advise on employee matters |