04:35 PM EDT, 10/29/2024 (MT Newswires) -- Gibson Energy ( GBNXF ) after trade Tuesday reported its third-quarter profit rose despite weaker revenue.

The oil infrastructure and marketing company said it earned $53.9 million, up 161% from $20.6 million in the year-prior quarter, mainly due to one-time transaction and finance costs related to the acquisition of the Gateway Terminal in the previous year.

However, it was partially offset by higher depreciation, amortization, income tax expenses, and foreign exchange losses, the company added.

Per-share results were not disclosed.

Revenue fell 10% to $2.90 billion from $3.23 billion during the quarter, due to lower revenues within the marketing unit because of crude marketing sales volume, the company said.

"Gibson delivered strong results in the third quarter, driven by the continued strength and stability of our Infrastructure segment, which now represents over 85% of our business, and saw 2024 record third party crude volumes at our Edmonton Terminal in the third quarter, driven by deliveries onto the Trans Mountain Expansion pipeline," Chief Executive Curtis Philippon said.

Adjusted EBITDA on a consolidated basis was $151.2 million, up from $149.6 million a year ago

The company's board declared a quarterly dividend of $0.41 per share, payable on Jan. 17 to shareholders of record on Dec. 31 and unchanged from the prior quarter.

Gibson shares closed down $0.05 to $23.37 on the Toronto Stock Exchange.