File photo. Napier Port. Photo: Supplied / Napier Port
Napier Port has had a strong profit rebound on a recovery in trade after Cyclone Gabrielle, cruise ship visits, and insurance payments.
Key numbers for the year ended September compared with a year ago:
- Net profit $24.8m vs $16.6m
- Underlying profit $20.7m vs 10.6m (excludes one-off unusual items)
- Revenue $141.3m vs $121.9m
- Container volumes 230k vs 222k
- Bulk cargo 3.5m tonnes vs 3.2m
- Full year dividend 9 cents per share vs 5.25 cps
The country's fourth biggest port benefited from increased cargo volumes as primary production in Hawkes Bay and surrounding regions recovered after the cyclone and floods devastated fruit and other farm produce.
It also gained from an increase in the log trade as storm damaged trees were harvested and exported.
"Our volume growth was achieved alongside the recovery by our region's cargo owners who produce the high-value food and fibre products we export," chief executive Todd Dawson said.
Revenue was up across all classes of cargo, along with an increase of 25 cruise ship visits to 89 bringing in $9.1m revenue.
The bottom line profit was boosted by a $9.25m cyclone insurance payment.
Dawson said it was still assessing the longer term impact of the closure of the Winstone Pulp mill in the central North Island, which shipped its export production through the port, but in the interim it was shipping more logs.
He said trade uncertainty remained an issue for exporters, but it expected a flood damaged pulp mill in Napier to further increase production, cruise ship visits would be about the same level as last year, and the flow of log exports remained strong.
"The fundamentals of premium food and fibre remain strong and Napier Port is well positioned with its diverse and resilient cargo base," Dawson said.
