Genesis Energy Confirms NZ$145 Million Investment Plan for 'Big Rock' Digital Upgrades, Shares Down 4%

MT Newswires Live

08/26

Genesis Energy (ASX:GNE, NZE:GNE) said its total investment in Gen35 'Big Rock' digital projects over the fiscal year 2024 to fiscal year 2027 period remains in line with the previously disclosed budget, according to a Tuesday Australian bourse filing.

The company's 'Big Rock' initiatives include the company's billing and customer relationship management modernization, upgrade of the general ledger finance systems as part of its powered finance initiative, and a series of upgrades to the wholesale markets and trading systems.

The company invested NZ$40 million in the initiatives in fiscal year 2025, and NZ$18 million in fiscal year 2024, and expects to spend NZ$65 million in fiscal year 2026, out of the total budget of NZ$145 million.

The company's shares fell 3% in recent Tuesday trade on the Australian bourse and fell 2% on the New Zealand bourse.

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