Tuesday 16th November 2021
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Napier Port reports record revenue and earnings
Napier Port (NZX.NPH) today reports record revenue and earnings for the financial year ended 30 September 2021, as the resilience and diversity of its trade portfolio continues to mitigate the effect of container shipping disruptions and the absence of cruise ship visits caused by the ongoing effects of the COVID-19 pandemic.
DIVIDEND AND OUTLOOK
“The diversity of trades that pass across Napier Port’s wharves have protected the company from container-based supply chain and COVID-19 disruptions we have seen over the last year,” Mr MacLeod said.
“It is clear however that these disruptions will continue in the new financial year. We are living with COVID-19 in the community. To protect our people and our region we have implemented a mandatory vaccination policy for staff, moving towards mandatory vaccination for port access by end of the year.
“Meanwhile, inflationary pressures are building in the economy, while our customers are facing a broad range of additional pressures, including the availability of shipping equipment, space on ships, and labour availability.
“Nevertheless, we see continuing global demand for the food and fibre exports that underpin the economy of our region and the trade across our wharves.
“Our base-case volume forecast for log exports in FY2022 is in-line with FY2021. We have been a beneficiary of buoyant log export markets for the past year, but we are not complacent about the potential for a cooling in these favourable conditions to impact volumes through Napier Port.
“We are looking forward to delivering on our strategic capital investments in the current financial year, including the earlier than contracted completion of 6 Wharf in 2H FY2022, and we expect them to contribute to the group result in the new financial year. Taking into account this contribution, our base-case forecast for log volumes, and assuming a continuation of current market conditions, we expect our underlying result from operating activities to increase by approximately 10% for the new financial year.
“In short, Napier Port is well positioned to deliver for our customers, our region and our shareholders and it is for these reasons the Board has declared a final dividend of $9.4 million, or 4.7 cents per share, bringing total dividends to 7.5 cents per share for the 2021 financial year. The final dividend will be fully imputed, has a record date of 6 December, and a payment date of 16 December. We look forward to providing a further update to shareholders at our Annual Shareholders Meeting in December.”
Further detail on Napier Port’s financial performance for the year ended 30 September 2021 is included in the Annual Report and investor presentation released to the NZX today and available on the company’s investor website at: https://www.napierport.co.nz/investor-centre/
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