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Marsden Maritime Holdings Limited Analysis

Overview

Marsden Maritime Holdings Limited (previously known as Northland Port Corporation (NZ) Limited), was formed in 1988 following deregulation of harbour boards.

The business was redefined in subsequent years, including the development of a new port facility at Marsden Point in a 50/50 joint venture arrangement (Northport) with the Port of Tauranga.

The company listed in October 1992 with a public offer of 10 million shares at $1.25.

On 25 July 2014 the company announced a name and code change from Northland Port Corporation (NZ) Limited ("NTH") to Marsden Maritime Holdings Limited ("MMH"). The change was effective on 4 August 2014.

MMH has been granted Listing with a 'Non-Standard' ("NS") designation. This designation was granted because under the Port Companies Act 1988, changes to MMH's Constitution must be approved by the Minister of Transport. For further information, please see the the Port Companies Act 1988 which is publicly available at www.legislation.govt.nz.

Performance

The following information was extracted from Marsden Maritime Holding Limited's Half Year report, released on 23 February 2024:

Half year highlights:

  • Underlying Earnings (Business Park and Marina Operations) of $1,008k, up 15.6% on prior comparative period
  • Marina and Boatyard Revenue of $1,649k, up 20.8%
  • Lease Revenue of $2,569k, up 9.8%
  • Northport Share of Earnings of $4,288k, down 3.3%

Marsden Maritime Holdings Limited (NZX:MMH) is pleased to report continued growth in underlying earnings of $1,008k, up 15.6% on the same period of the previous year. This is driven by operating income of $6,048k, up 9.5% on previous year. This continued growth reflects the strength of the parent company’s operations and a sound recovery from Gabrielle.

Disclaimer: This section is provided as general information only. It is not intended as a substitute for legal or professional advice to company directors and officers or investors. NZX Limited disclaims any liability arising from the use of this information.