Source: Radio New Zealand
Napier Port. Supplied / Napier Port
Napier Port has had a strong profit increase on higher cargo volumes.
Key numbers for the year ended September compared with a year ago:
- Net profit $30.9m vs $24.8m
- Underlying profit $28.3m vs $20.7m (excludes one-off unusual items)
- Revenue $157.7m vs $141.3m
- Container vols 250k vs 230k
- Bulk cargo 3.4m tonnes vs 3.5m
- Forecast 2026 underlying earnings between $70m-$74m
- Full year dividend 14.5 cents per share vs 9 cps
The country’s fourth biggest port handled more cargo with a rise in container volumes offsetting a dip in log exports.
Chief executive Todd Dawson said the region had rebounded after Cyclone Gabrielle and the port was benefiting from the “breadth and depth” of the recovery.
“It is pleasing to see many of our region’s cargo owners, who produce the high-value food and fibre products we export, benefiting from good growing and improved market conditions during the year.”
He said the increase in container volumes had pressured its resources, and it would invest in more equipment to handle the growth.
The lift in container revenue offset a drop in bulk cargo, which reflected lower log exports, while revenue from cruise ships also decreased in line with fewer visits .
Dawson said revenue was also supported by shipping lines using Napier as a transhipment point because of congestion and delays at other ports.
The bottom line was boosted by a final cyclone insurance payout of $7.5 million.
Dawson expected growth for the port to be driven by local food exporters.
“While regional exporters continue to face trade uncertainties in international export markets, the trade outlook for the region’s food and fibre exports remains positive.”
However, cruise ship visits were expected to fall further with 60 bookings so far for the coming season.
The company said it would pay staff a bonus and it increased the dividend payout to shareholders.
Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand
