Contact

Kristen Lie
+64-6-833-4400
Breakwater Road, PO Box 947, Napier 4140

Napier Port Holdings Limited Analysis

Overview

Napier Port has been serving Hawke's Bay and surrounding regions for nearly 150 years. As the fourth largest port in New Zealand, by container volumes, Napier Port helps to build a thriving region by connecting customers and the community to global markets.

Napier Port offers a range of container, bulk cargo and cruise vessel services. In FY2018, the port managed the arrival and departure of over 680 ships, handled over five million tonnes of cargo and more than 100,000 cruise passengers.

Performance

The following information was extracted from Napier Port Holdings Limited's half year results, released 22 May 2024:

NAPIER PORT DELIVERS STRONG EARNINGS RECOVERY WITH FIRST HALF RESULT

Napier Port (NZX.NPH), the freight gateway for the central and lower North Island, today reports robust earnings growth for the six months to the end of March 2024 linked to the recovery of volumes, particularly log exports and cruise, growth in revenue yields, together with focused cost management and efficiencies from the investments made in infrastructure.

HIGHLIGHTS

  • Revenue rose 10.1% to $70.6 million from $64.1 million in the same period last year and was led by significant growth in export log and cruise revenue
  • Result from operating activities increased 25.1% to $27.4 million from $21.9 million in the same period last year
  • Underlying net profit after tax increased 48.3% to $11.1 million from $7.5 million in the same period a year ago
  • Reported net profit after tax increased 64.8% to $14.3 million from $8.7 million in the same period last year
  • Post-Cyclone Gabrielle business interruption insurance claim contributes $7.2 million to reported net profit
  • Container volumes decreased 17.3% on continued post-Cyclone Gabrielle effects and weaker economic activity
  • Directors declare a fully imputed interim dividend of 3.0 cents per share, increased from the interim dividend in the prior year of 1.7 cents per share
  • Expected underlying result from operating activities for the year to 30 September 2024 of between $50 million and $53 million

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.