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South Port New Zealand Limited (NZX: SPN) 2021 Annual Report

Wednesday 22nd September 2021

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South Port achieved an after-tax profit of $10.71 million (2020 - $9.43 million), a 13.6% increase on last year’s result and slightly ahead of the guidance provided in our 2021 Interim Report. This is a very pleasing result given the smaller percentage increase in total cargo of 5.5% to 3,450,000 tonnes (2020 - 3,270,000 tonnes). Separating the cargo streams, bulk cargo volumes improved by 5.9% with container numbers increasing by an impressive 13.3%.

The two major influencing factors on bulk cargo were a 54% increase in logs and a 19% increase in woodchips handled through the Port, in comparison to the previous period. These increases came on the back of lower cargo volumes being exported through the Port in 2020 due to the COVID-19 Alert Level 4 lockdown. Total logs of 730,000 tonnes however, is a record for this cargo which has occurred during a period of high demand for wood fibre worldwide and in particular for New Zealand grown Radiata in China.

All other bulk cargoes were either in line with expectations or slightly down on the previous period, with some cargoes such as petroleum imports still experiencing the effects of COVID-19 border closures, especially reflected in the tourism sector.

A record 53,750 TEU were handled through the Port which is pleasing considering we also experienced an 8% reduction in container vessel calls. The container supply chain worldwide is heavily congested due to the COVID-19 pandemic. Several factors have resulted in irregular vessel calls to the Port creating periods of heavy congestion in the container terminal and at times a shortage in container supply. It is expected that these current challenges in the supply chain will continue for at least the next 18 months.

Based on all known factors at the date of compiling this Report, South Port estimates that earnings in the next financial year are likely to remain consistent with 2021 reported earnings.

On the basis of this consistent earnings profile, and in the absence of any unforeseen circumstances, the Directors will be endeavouring to maintain the current level of dividend payment.

Financial Performance

Dividends declared per share - 27 cents – Up 3.8%

Total Cargo - 3,450,000 tonnes – Up 5.5%

Operating Revenue - $47.67 million - Up 6.8%

NPAT - $10.71 million - Up 13.6%

Earnings per share - 40.8 cents - Up 13.6%

Annual NPAT to 30 June 2021 $10.71M

FY21 Dividend declared at 27 cents per share

Final Dividend

The Board elected to pay an increased dividend of 19.5 cents per share. This translates to a full year dividend of 27.0 cents (2020 - 26.0 cents). The final dividend will be paid on 9 November 2021.

Please see the links below for details

2021 Annual Report Email

2021 Annual Report

Source: South Port New Zealand Limited



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