Queensland Rugby Union Reports Sixth Consecutive Operating Profit

The Queensland Rugby Union (QRU) has recorded its sixth consecutive operating profit, posting earnings before interest, tax, depreciation, and amortisation (EBITDA) of $199,382 for 2024. The result, though lower than the 2023 EBITDA of $455,336, reflects QRU’s continued financial diligence and strategic investment in the redevelopment of Ballymore.

Financial Stability Beyond On-Field Performance

QRU Chief Executive Officer David Hanham emphasized the success of QRU’s strategy to ensure financial sustainability beyond the Reds’ on-field results.

“The QRU’s strategy of achieving financial success and stability independent of the Reds on-field performance is succeeding,” Hanham 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.”

Increased lease revenue from Ballymore tenancies and the expanded use of the BMS National Rugby Training Centre (NRTC) have been key contributors to QRU’s financial performance. Throughout 2024, the NRTC hosted a range of elite training camps and events.

Investment in Growth and Infrastructure

While the operating profit signals ongoing financial health, the QRU reported a statutory loss of $1,647,196 due to a $1.7 million depreciation charge on the newly developed NRTC. This contrasts with the 2023 statutory profit of $14,156,571, which was bolstered by $14.1 million in government grants supporting the NRTC’s construction.

Despite this statutory loss, QRU remains on a strong trajectory, leveraging long-term contracted revenues from Ballymore tenancies to support precinct operations and reduce debt. The ongoing redevelopment of Ballymore is a crucial aspect of QRU’s financial strategy, positioning it as a self-sustaining hub that generates revenue through commercial partnerships, event hosting, and facility leasing.

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