by Ganesh Sahathevan
The matter of Dexus selling Infrashore SPV, which holds the Royal North Shore Hospital PPP is further investigated with an analysis of InfraShore's most recent (24/25) financial statements made available on the ASIC website. InfraShore's only asset is the RNSH PPP,which gives it and Dexus effective control of the RNSH.
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The Google AI analysis reveals , first that sales based margins an ratios are showing double digit growth:
Net Profit Margin expanded significantly from 4.45% in FY2024 to 8.10% in FY2025
Asset Turnover improved from 0.86x to 1.04x
Current Ratio strengthened from 1.89x to 3.06x
Cash Ratio rose from 0.18x to 0.37x.
Expenses are, as expected , given the significant improvement in the Net Profit Margin, substantially reduced.
| Expense Item | FY 2025 | FY 2024 | Absolute Change | Variance (%) |
|---|---|---|---|---|
| Insurance expense | - $ 1,188,000 | - $ 1,576,000 | + $ 388,000 | - 24.6% |
| Professional fees | - $ 856,000 | - $ 960,000 | + $ 104,000 | - 10.8% |
| Other expenses | $ 0 | - $ 507,000 | + $ 507,000 | - 100.0% |
| Total Operating Expenses | - $ 2,044,000 | - $ 3,043,000 | + $ 999,000 | - 32.8% |
| Revenue Stream | FY 2025 | FY 2024 | Absolute Change | Variance (%) |
|---|---|---|---|---|
| Services revenue | $ 43,193,000 | $ 37,810,000 | + $ 5,383,000 | + 14.2% |
| Construction revenue | $ 5,911,000 | $ 5,814,000 | + $ 97,000 | + 1.7% |
| Recovery revenue – staff | $ 530,000 | $ 534,000 | - $ 4,000 | - 0.7% |
| Total Revenue | $ 49,634,000 | $ 44,158,000 | + $ 5,476,000 | + 12.4% |
| Financial Metrics | FY 2025 | FY 2024 | Absolute Change | Variance (%) |
|---|---|---|---|---|
| Revenue | $ 49,634,000 | $ 44,158,000 | + $ 5,476,000 | + 12.4% |
| Finance income | $ 884,000 | $ 1,010,000 | - $ 126,000 | - 12.5% |
| Net changes in fair value | $ 733,000 | $ 809,000 | - $ 76,000 | - 9.4% |
| Total Income | $ 51,251,000 | $ 45,977,000 | + $ 5,274,000 | + 11.5% |
| Cost of sales | - $ 44,395,000 | - $ 40,152,000 | - $ 4,243,000 | + 10.6% |
| Finance expenses | - $ 1,262,000 | - $ 598,000 | - $ 664,000 | + 111.0% |
| Other operating expenses | - $ 2,044,000 | - $ 3,043,000 | + $ 999,000 | - 32.8% |
| Total Expenses | - $ 47,701,000 | - $ 43,793,000 | - $ 3,908,000 | + 8.9% |
| Net Profit Before Tax | $ 3,550,000 | $ 2,184,000 | + $ 1,366,000 | + 62.5% |
| Income tax benefit/(expense) | $ 468,000 | - $ 221,000 | + $ 689,000 | + 311.8% |
| Net Profit After Tax | $ 4,018,000 | $ 1,963,000 | + $ 2,055,000 | + 104.7% |
| Financial Metrics | FY 2025 | FY 2024 | Absolute Change | Variance (%) |
|---|---|---|---|---|
| Current Assets | ||||
| Cash and cash equivalents | $ 4,003,000 | $ 3,611,000 | + $ 392,000 | + 10.9% |
| Trade and other receivables | $ 28,960,000 | $ 33,382,000 | - $ 4,422,000 | - 13.2% |
| Total Current Assets | $ 32,963,000 | $ 36,993,000 | - $ 4,030,000 | - 10.9% |
| Non-Current Assets | ||||
| Loan and advances | $ 12,640,000 | $ 12,640,000 | $ 0 | 0.0% |
| Deferred tax assets | $ 2,252,000 | $ 1,784,000 | + $ 468,000 | + 26.2% |
| Total Non-Current Assets | $ 14,892,000 | $ 14,424,000 | + $ 468,000 | + 3.2% |
| Total Assets | $ 47,855,000 | $ 51,417,000 | - $ 3,562,000 | - 6.9% |
| Current Liabilities | ||||
| Trade and other payables | $ 9,678,000 | $ 16,525,000 | - $ 6,847,000 | - 41.4% |
| Derivative financial instruments | $ 1,102,000 | $ 3,029,000 | - $ 1,927,000 | - 63.6% |
| Total Current Liabilities | $ 10,780,000 | $ 19,554,000 | - $ 8,774,000 | - 44.9% |
| Non-Current Liabilities | ||||
| Derivative financial instruments | $ 3,700,000 | $ 2,506,000 | + $ 1,194,000 | + 47.6% |
| Total Non-Current Liabilities | $ 3,700,000 | $ 2,506,000 | + $ 1,194,000 | + 47.6% |
| Total Liabilities | $ 14,480,000 | $ 22,060,000 | - $ 7,580,000 | - 34.4% |
| Net Assets | $ 33,375,000 | $ 29,357,000 | + $ 4,018,000 | + 13.7% |
| Equity | ||||
| Share capital | $ 38,765,000 | $ 38,765,000 | $ 0 | 0.0% |
| Accumulated losses | - $ 5,390,000 | - $ 9,408,000 | + $ 4,018,000 | - 42.7% |
| Total Equity | $ 33,375,000 | $ 29,357,000 | + $ 4,018,000 | + 13.7% |
TO BE READ WITH
Friday, August 7, 2026
Is Dexus looking to retail therapy to boost the price of its Royal North Shore Hospital PPP asset
hy Ganesh Sahathevan
Money Management reported in June 2026:
Dexus has commenced a strategic review of infrastructure funds and mandates acquired by AMP in 2023 and kicked executives to the curb.
The firm has recently been in court proceedings with shareholders of Australian Pacific Airports Corporation (APAC), which owns Melbourne and Launceston airports. In 2023, Dexus acquired a 27 per cent stake in APAC from AMP now valued somewhere between $4-4.5 billion.
Fronting the Supreme Court of NSW last month, Dexus failed to block a default noticed issued by its fellow shareholders meaning it will now be forced to sell its holdings to existing shareholders.
The dispute stems from a failed sale process in 2024, known as Project Mercury, during which co-investors alleged Dexus breached confidentiality and good faith obligations under the shareholder agreement. Those allegations triggered a default mechanism that enables other investors to require the sale of a defaulting party’s interest.
On the back of this, Dexus informed the ASX on 5 June that it has commenced a process to conduct a strategic review of infrastructure funds and mandates that transitioned to Dexus as part of its 2023 acquisition of AMP Capital’s real estate and infrastructure platform.
The scope of the review includes:
- Dexus Diversified Infrastructure Trust (DDIT)
- Dexus Community Infrastructure Fund (CommIF)
Medical services are provided by NSW Health, via the North Sydney Local Health District.
Retail seems to be an integral part of the NSLHD's long term plans for the RNSH. Its RNSH 2023-2063 Masterplan envisages a retail and wellness precinct , which will stretch from Herbert St to the Gore Hill Oval. Given that ambition InfraShore sems to have been encouraged in its own retail ambition, maximizing floorspace sublet to outlets serving everything from food to flowers. These can be found at the RNSH's floor level, which sits above its all important Emergency Department.
It would not be wrong to surmise that Dexus would want InfraShore to maximize its returns from its retail assets as a prelude to a sale, for that was and remains the one part of its RNSH PPP that it can expand without any political restrictions on what it can earn. However, the RNSH is a hospital, and a collision between InfraSHore's social services and its retail ambition is inevitable.
