Tuesday 25th May 2021
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Napier Port today reports resilient half year revenue and earnings as the diversity of the Napier Port trade portfolio mitigates the ongoing effects of the Covid-19 pandemic.Sustained strong log export market conditions resulted in a record log export volume for the first half of the financial year.
Napier Port Chief Executive Todd Dawson said: “The disruption we have seen to global shipping over the last year has presented considerable challenges to Napier Port and our customers.
“We ended the half year with drawn bank debt of $36.0 million and with balance sheet net debt of $32.1 million, having commenced drawing on our banking facilities during the first half of the current financial year to fund the 6 Wharf project. In addition, we have undrawn bank facilities of $144 million.
“Whilst the immediate challenges of COVID-19 necessitated caution and no interim dividend during 2020, the Board has resolved in the current financial year to pay a fully imputed interim dividend of 2.8 cents per share, in line with its dividend policy. The dividend record date will be 11 June and the payment date will be 25 June.”
“Demand for the region’s food and fibre exports remains robust. However, notwithstanding the Government’s recent moves to increase the availability of seasonal labour in the future, the impact of worker shortages on seasonal export industries remains uncertain,” Mr MacLeod said.
“We intend to provide a further interim update to the NZX market regarding our June quarter trading results during August.”
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