South Port New Zealand Limited (NZX: SPN) Interim Report to 31 December 2020

Monday 8th March 2021

FINANCIAL PERFORMANCE

South Port has recorded a strong start to the financial year. Containers, Cold Storage and Marine operations were the standout performers. Bulk Cargo volumes were consistent with the previous financial period and remain the backbone of the Company’s cargo mix. South Port’s NPAT for the first six months of FY2021 was $6.1 million, a 33% lift in profitability (FY2020 $4.6 million). Several factors impacted on this record interim result including:

* Record container throughput.

* Higher returns from cold storage as a result of increased storage and blast freezing activities.

* Increased marine activity.

* Timing – some container volumes have been brought forward due to supply chain issues.

OUTLOOK

Based on all known factors at the date of releasing its 2021 interim result, South Port estimates that its full year earnings should fall in the range of $10.00 million to $10.50 million (FY2020 - $9.43 million).

DIVIDEND

After assessing the anticipated year end result, the Directors have declared a fully imputed interim dividend of 7.50 cents per share (2020 – 7.50 cents) payable on 8 March 2021. In the event that the Company’s FY2021 year end profit falls within the above forecast range then the Directors are confident that the full year dividend payment will be consistent with the previous year.

Please see the links below for details:

South Port Interim Report to 31 December 2020

Email - South Port Interim Report to 31 December 2020

Source: South Port New Zealand Limited

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