Wednesday 18th November 2020
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Revenue for the year to 30 September 2020 rose 0.8% to $100.4 million from $99.6 million in the same period a year ago. Napier Port’s total container trade was down just 1.1% to 268,000 twenty-foot equivalent units (TEU) from 271,000 TEU, while bulk cargo volumes fell 8.3% to 3.1 million tonnes from 3.4 million tonnes, principally reflecting the impact of the pandemic lockdown on the log export trade. Although the pandemic brought the cruise ship season to a premature end the port hosted 76 cruise lines, up from 70 in the prior year. Revenues were also underpinned by increased revenues per trade unit.
The result from operating activities of $41.2 million decreased by 2% from $42.0 million in the prior year. Audited net profit after tax rose from $6.8 million to $22.0 million. The result for the prior year included several one-off charges, including the costs related to the IPO and capital restructuring. Stripping out these adjustments, pro forma net profit after tax rose to $20.4 million from $19.6 million in the prior year, a figure above the guidance given at the time of the IPO.
Napier Port Chair Alasdair MacLeod said: “Napier Port’s first year of operation as a listed entity was significantly more challenging than we anticipated at listing as we navigated the uncharted territory of COVID-19.
“Despite all the uncertainties associated with the pandemic, our management and people have worked through these unique challenges with commitment and calm. This resilience operationally, backed up by tight financial controls, has left Napier Port in a stronger position than we anticipated at the outset of COVID-19. It has further cemented our position as the major freight gateway for our region and the lower North Island.
“The recovery was so strong that the Board moved to repay the Government wage subsidy for which we qualified and accepted in the early stages of the health crisis.
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