The Queensland Rugby Union today announced earnings before interest, tax, depreciation and amortisation (EBITDA) of $199,382, its sixth consecutive operating profit.
The result includes an increase in lease revenues from Ballymore tenancies and increased use of the BMS National Rugby Training Centre, which hosted a significant number of new events and elite training camps during 2024.
The result compares to a 2023 EBITDA result of $455,336, with increased investment in programs and costs to operate the redeveloped precinct.
QRU Chief Executive Officer David Hanham said the result demonstrated the continued financial diligence and sustainability of the QRU, underpinned by the ongoing redevelopment of Ballymore.
“The QRU’s strategy of achieving financial success and stability independent of the Reds on-field performance is succeeding,” he said.
“Ballymore is now close to breakeven through leasing, commercialisation and events, where it previously cost the QRU more than $1 million a year. We will continue to further develop the precinct with commercial partners to grow and diversify non-rugby revenue to reinvest in the game.”
The QRU reported a statutory loss of $1,647,196 due to the significant $1.7 million depreciation charge against the new NRTC. This compares to the 2023 statutory profit of $14,156,571, which included Government grants of $14.1 million for the construction of the NRTC.
In the coming years the QRU will continue to receive long-term contracted revenues from Ballymore tenancies, which underpin the cost of precinct operations and support debt reduction strategies.
