Vector posts huge profit

Infrastructure company Vector has recorded a $107.1 million net profit after tax for the six months to December.

That equates to a 64% increase compared with the same time last year.

Its overall group revenue is also up 5.9% to $625.6 million.

The company has continued its push on the electric vehicle front, increasing its number of chargers to 21.

And it has also expanded its home battery fleet to 445 from 291, which includes a partnership with Tesla to get the company’s Powerwall battery installed in customers’ homes.

Vector Group chief executive Simon Mackenzie says the company has decided to embrace change rather than resist it for several reasons.

“Firstly, technology is providing alternative ways to enhance our network, and delivering tangible economic benefits,” he says.

“Secondly, technology is significantly augmenting our ability to deliver solutions that give customers the choice and control they want in the management of their energy needs.

“Finally, technology is facilitating Vector’s drive to create a sustainable and environmentally responsible company.”

The company plans on issuing a dividend off eight cents per share.