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Napier Port net profit hits record $23.2m despite Covid disruption

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Napier Port said the diversity of its portfolio allowed the company to overcome industry disruption and raise its net profit by 5.2 per cent to a record $23.2 million in the September year.

Revenue rose by 9 per cent to $109.5m, driven by record log exports of 3.02 million tonnes. The company’s underlying net profit rose by 7 per cent to $22m.

The company expects its underlying result from operating activities to increase by about 10 per cent in the new financial year.

Construction of Napier Port’s “6 Wharf” – seen as a big game changer for the company – was more advanced than the original timeline and the facility is now expected to be operational in the second half of the 2022 financial year.

The expected cost of 6 Wharf has reduced to a range of $173m to $179m from $173m-$190m.

Napier Port declared a final dividend of 4.7 cents per share, totalling 7.5 cps for the 2021 financial year, up from 5 cps for the prior year.

Bulk cargo revenue rose 32.7 per cent to $41.5m, mainly due to a 27.6 per cent in cease in log volumes to a record 3.02m tonnes.

 

First published by Hawke’s Bay Today. Click here to read the full article.