Bermudian-based Brookfield Infrastructure Partners LP has reported net income attributable to the partnership of $391 million for the 2024 fiscal year.

That compares with $432 million in the prior year.

The limited partnership said 2024 results benefited from strong operational performance, contributions from recent acquisitions and mark-to-market gains on its hedging activities.

These positive impacts were partially offset by higher financing costs and one-time transaction fees associated with BIP’s growth initiatives.

Funds from operations for 2024 totalled $2.5 billion, representing an increase of approximately 8 per cent compared with 2023.

BIP said: “Organic growth for the year was 7 per cent, driven by elevated levels of inflation in the countries where we operate, stronger volumes across our critical infrastructure networks and the commissioning of over $1 billion of new capital projects from our backlog.

“In addition, we deployed over $2 billion into new investments during the second half of 2023 and completed three accretive tuck-in acquisitions in 2024, all of which are now contributing to earnings. Results were partially offset by higher borrowing costs and the impact of foreign exchange.”

Sam Pollock, chief executive of Brookfield Infrastructure, said: “During 2024 we generated strong financial results and closed on all of our capital recycling initiatives, showcasing the resilience and durability of our business strategy.

“2025 is off to a great start as we continue to capture elevated inflation in our results, secure meaningful proceeds from asset sales and add to our robust growth initiatives led by digitalisation tailwinds.”

The board of directors has declared a quarterly distribution in the amount of $0.43 per unit, payable on March 31 to unit holders of record as at the close of business on February 28.

Brookfield Infrastructure is a global infrastructure company that owns and operates high-quality, long-life assets in the utilities, transport, midstream and data sectors across the Americas, Asia Pacific and Europe.

Investors can access its portfolio either through Brookfield Infrastructure Partners LP, a Bermudian-based limited partnership, or Brookfield Infrastructure Corporation, a Canadian corporation.

Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Asset Management, a global alternative asset manager with over $1 trillion of assets under management.