Eagers Automotive Ltd (ASX: APE) is a leading automotive retail group operating in Australia and New Zealand, they have operated over 110 years being established in 1913 and have 154 subsidiaries. Their core business involves the ownership and operation of motor vehicle dealerships. They facilitate the sale of new and used vehicles, servicing, parts and allied consumer finance. They operate in the consumer cyclical sector ranking at 7 out of 155.
Eagers Automotive changed their name from A.P. Eagers Ltd in 2020 following the acquisition of Automotive Holdings Group Ltd (AHG) to reflect their industry position and growth.
Eagers Automotive has released its 2024 Annual Report, providing a comprehensive overview of its financial performance, strategic progress, and sustainability initiatives. This report highlights the company’s achievements, financial health, and future outlook, reflecting its commitment to growth and sustainability.
Eagers reported a record revenue of $11.2 billion for the year ending 31 December 2024, marking a 13.6% increase from the previous year. The company’s statutory profit before tax was $335.6 million, while the statutory profit after tax stood at $222.9 million.
Underlying EBITDAI reached $550.4 million, demonstrating strong operational performance. The company declared a total ordinary dividend of 74.0 cents per share, fully franked, reflecting its robust financial health and commitment to returning value to shareholders.
Total assets increased to $5.454 million up 15.54%, where both current and non-current assets improved 9.71% and 20.81% respectively. Intangible assets, their largest non-current asset, improved 2123% and property, plant & equipment improved 48.88% as the second largest non-current asset. Their largest current asset, inventories, improved 15.92% to $1.878 million. Total liabilities increased 20.16% to $4.104 million and total equity increased 3.44% to $1.35 million.
The report also highlights Eagers Automotive’s commitment to sustainability. The company’s sustainability strategy focuses on three core pillars: People, Planet, and Performance. Key initiatives included employee engagement, diversity, and inclusion programs, as well as environmental efforts such as solar panel installations and waste management.
The company also conducted a climate change risk assessment and prepared for future reporting obligations, demonstrating its proactive approach to environmental sustainability.
Through the year they rolled out solar panels and a metering program as part of their ongoing energy reduction initiatives. Efficient management of hazardous chemicals including the decommissioning of underground petroleum storage tanks contributed to their waste minimisation and recycling outcomes.
Regarding diversity they reported under management, 14.56% of females and 85.44% males, compared to 13.77% vs 56.23% in 2023, under all other employees, 25.63% are female and 74.27% are male. Their Board’s gender diversity objective is to achieve at least 30% of Directors of each gender which was achieved in March 2024, with women currently making up 33.3% of the Board.
To support communities, the Eagers Automotive Foundation provided over $1.5 million in monetary and in-kind contributions to community and charitable causes.
Eagers Automotive’s strategic progress in 2024 was marked by the successful execution of its Next100 Strategy. This strategy focuses on disciplined growth, productivity, and sustainability. The company achieved record productivity levels and maintained strong performance in both new and used car markets.
Significant acquisitions in Victoria, Queensland, and the Northern Territory further strengthened its market position. The company’s long-term strategy has enabled it to build a resilient business model, providing a sustainable platform for future performance.
In 2024, Eagers Automotive made significant acquisitions, including the NGP Victoria Dealership Group, Alice Springs Toyota, and Norris Motor Group, with a total purchase consideration of $411.6 million.
These acquisitions contributed to the company’s growth and market expansion. The goodwill on acquisition amounted to $196.995 million, reflecting the expected synergies and future revenue growth from these acquisitions.
Looking ahead, Eagers Automotive forecasts continued revenue growth, with a target of $12.2 billion for 2025. The company expects the new car market to remain resilient, supported by a strong order bank. Sustainable net margins are anticipated through the continued execution of its transformed business model.
The integration of recent acquisitions and growth in the Retail Joint Venture are expected to drive further performance improvements.
Overall Eagers Automotive reported a year of strong financial performance, strategic growth, and a steadfast commitment to sustainability. The company’s robust financial health, strategic acquisitions, and proactive sustainability initiatives position it well for continued success in 2025 and beyond.
Chifley Tower, 2 Chifley Square,
Sydney NSW 2000
1300 854 151
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