Channel Infrastructure, formerly known as Refining NZ, has announced that it expects to recognise a revaluation gain of approximately $375 million in its financial results for the year ended December 31, 2024.
The company said the carrying value of its Import Terminal System is projected to increase by about $270m, reaching around $1.1 billion, while the surplus land carrying value is expected to rise by approximately $105m to $120m.
This would result in a boost of about $0.73 in Channel Infrastructure's net tangible assets per share.
The revaluation is a non-cash item and is subject to finalisation and board approval of the full-year financial statements.
Channel Infrastructure said it engaged Deloitte and CBRE for independent valuations of the Import Terminal System and surplus land, respectively, as part of its ordinary review cycle.
The company cited factors such as an updated fuel demand outlook, additional growth contracts, a reduction in the risk-free rate, and the port-adjacent nature of its surplus land as key drivers of the valuation changes.
Channel Infrastructure will release its full-year results on February 27, 2025.
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