Channel Infrastructure said jet fuel volumes were approaching pre-Covid levels. Photo: 123rf
Channel Infrastructure, the former Marsden Point Refinery, has doubled its full-year profit, as it nears completion of its project to convert from a refinery to a fuel storage terminal.
Key numbers for the 12 months ended December compared with a year ago:
- Net profit $24.1m vs $12m
- Revenue $137.6m vs $158m
- Operating revenue $130.7m vs $88.2m
- Operating earnings $87.2m vs $57.5m
- Final dividend 6.3 cents per share, special dividend 1.5 cps
In its first full financial year of operations as Channel, the company said the conversion project was "substantially complete", with firefighting upgrades expected to be done this year and bund upgrade work likely to continue until 2027.
Chief executive Rob Buchanan said jet fuel volumes were approaching pre-Covid levels, as aviation demand continued to recover in 2023.
"As the critical infrastructure supply route for jet fuel to Auckland Airport, aviation demand, which is forecast to continue to grow for the foreseeable future, will underpin our core business over the longer term, and with our refreshed company strategy in place, we are well-placed to maximise the opportunities ahead of us," he said.
The company said more than 100 million litres of private storage has been commissioned since its conversion from a refinery.
Channel said it had also made significant progress towards freeing up more land at Marsden Point for repurposing.
It said aviation would likely make up a large part of future business, and the company was looking at opportunities to receive and store sustainable aviation fuel.
Looking ahead, Channel expected full year operating earnings to range between $91m and $95m.
