South Port NZ reports record profit despite challenges

South Port New Zealand Limited has released its annual report for the year ending June 30, 2023.

Despite challenges in the primary sector, the company reported a record normalised profit.

The reported after-tax profit of $11.71 million represents a decrease of 8.7% compared to the previous year but is higher than the company's guidance.

The decrease in cargo volumes was offset by a diverse range of cargoes being handled through the port.

Container volumes decreased, partly due to disruptions caused by the Mediterranean Shipping Company's container service.

The marine division saw increased activity with more vessel calls at the port.

Several infrastructure projects were completed during the year.

The company expects uncertainty in certain cargoes in the current year, and the future of NZAS operations will impact earnings.

The company estimates earnings for FY2024 to be in the range of $11.70 to $12.30 million.

Dividends per share remain unchanged.

The company will pay a consistent final dividend of 19.50 cents per share.