Genesis Energy's normalised operating earnings rose on better retail margins, strong hydro conditions and disciplined fuel management, even as reported profit halved.Key numbers for the year ended June compared with a year ago:Net profit $85m vs $169mRevenue $2.8b vs $3.7bNormalised operating earnings $522m vs $470mGross margin $949m vs $864mOperating free cash flow $322m vs $260mNet debt $940m vs $1.35bDebt leverage ratio 1.6 times vs 2.6 timesFinal dividend 7.58 cents per share, taking the full-year dividend to 14.88 cents per shareGenesis Energy delivered a solid annual result, with normalised operating earnings - known as normalised EBITDAF - rising by 11 percent to $522m, boosted by an $85m lift in gross margin to a record $949m.Revenue fell to about $2.8 billion from $3.7 billion, reflecting lower wholesale electricity volumes and prices, which was partially offset by stronger retail margins and better portfolio management.Net profit fell by 50 percent to $85m, largely because last year's result was boosted by favourable valuation movements, while this year included a large negative fair-value movement.The company recorded a $123m negative fair-value movement on financial instruments, mainly electricity swaps, options and power purchase agreements, compared with a $147m positive movement the year before.Chief executive Malcolm Johns said the results reflected another year of disciplined strategy execution."We have continued to improve the quality of our earnings by embedding margin quality, cost discipline and strong capital management into every part of our business, while investing in the capabilities that will support sustainable long-term growth."We have now positioned our balance sheet for growth, and we are investing around $3b over the next five years in products, services and generation assets," Johns said.Genesis said its $400m capital raise had strengthened the balance sheet, cutting its debt leverage ratio to 1.6 times and helping to fund more investment in solar, battery storage and upgrades at Huntly.The company said construction had started on the 136 megawatt Tihori solar farm near Edgecumbe, while final investment decisions had been made on the Leeston solar farm and the second stage of its grid-scale battery project at Huntly.The first stage of the Huntly battery was due to be fully operational by September.For the 2027 financial year, Genesis forecast normalised EBITDAF of $480m to $520m, and said it had a path to the upper $500m range by 2028.