Napier Port Holdings Limited Analysis

Overview

Napier Port has been serving Hawke's Bay and surrounding regions for nearly 150 years. As the fourth largest port in New Zealand, by container volumes, Napier Port helps to build a thriving region by connecting customers and the community to global markets.

Napier Port offers a range of container, bulk cargo and cruise vessel services. In FY2018, the port managed the arrival and departure of over 680 ships, handled over five million tonnes of cargo and more than 100,000 cruise passengers.

Performance

The following information was extracted from Napier Port Holdings Limited's Market Update, released 14 August 2024:

HIGHLIGHTS

3rd Quarter to 30 June 2023

• Revenue for the third quarter fell 19.5% to $27.7 million from $34.4 million in the same period last year, following post-cyclone

volume decreases of 28.6% for bulk cargo and 31.6% for container services

• The result from operating activities decreased 44% to $7.5 million from $13.3 million
• Underlying net profit after tax decreased 73.4% to $1.9 million from $7 million
• An initial $3.5 million of Cyclone Gabrielle insurance income recognised
• Reported net profit after tax, with the benefit of the insurance income, decreased 40.2% to $4.2 million from $7.0 million

9 Months to 30 June 2023

• Revenue for the nine months rose 5.7% to $90 million from $85.1 million in the same period last year
• Cruise revenue of $5.3 million on the return of cruise vessels in the period
• The result from operating activities decreased 1.4% to $29.3 million from $29.8 million as the return of cruise ship calls and revenue

yield increases were offset by the post-cyclone trade volume declines and cost inflation

• Underlying net profit after tax decreased 34.3% to $9.3 million from $14.2 million as a result of increased depreciation and finance

costs following the completion of the Te Whiti wharf investment

• Reported net profit after tax decreased 19.5% to $12.9 million from $16.0 million