The Port Adelaide Football Club is pleased to announce an operating profit of $3.157m for the 2024 financial year. This result is before grant revenue, depreciation, and amortisation.
After including capital grant revenue associated with the Alberton Oval redevelopment of $3.735m, and deducting depreciation and amortisation of $1.837m, the club reports a consolidated profit of $5.055m.
The 2024 financial result was underpinned by strong growth across Port Adelaide’s core business revenues including membership, gate receipts, commercial partnerships, hospitality, and retail sales contributing to gross revenue increasing by $4.6m in the 2024 financial year, to a total of $69.2m.
This growth enabled the club to reduce debt by a further $2.0m in 2024, resulting in total debt reduction of $10.5m across the last four years. Total debt is down to $1.89m as of 31 October, with the club aiming to clear this historical debt in by the end of 2025.
Port Adelaide’s net asset position further strengthened in 2024 to $57.7m.
This is an increase of $25.1m, up from $32.7m in 2023, as a result of the revaluation gains on the Allan Scott Headquarters upgrade which included the new MG High Performance Centre, capital investment in Alberton Oval facilities, and the renovated Precinct at Alberton.
Highlights of the 2024 Financial Result:
– Operating profit of $3.157m
– Gross revenue up 7 per cent to $69.188m
– Core business revenue up 8 per cent, $2.868m (membership, tickets, commercial and retail)
– $2m in debt repayments (2023; $2.5m)
– Total assets of $82.4m (2023; $61.8m)
– Strong balance sheet with net assets of $57.7m (2023; $32.7m)
– Capital grants recognised for facility development of $3.735m (2023; $15.631m)
– Resulting in a consolidated profit including grant revenue of $5.055m (2023; $15.574m consolidated profit)
– $30m Alberton Oval stage one facilities redevelopment completed
More at https://www.portadelaidefc.com.au/news/1701753/port-adelaide-football-club-2024-financial-result
