Port of Auckland has today released a stronger than expected annual result with underlying NPAT2 of $55.2m off the back of revenue growth and market share gains.
The Directors have also announced a final dividend payment of $20m to Auckland Council. This brings declared dividends to $40m for the year - an increase of $10m on the prior year.
Business Highlights
- In the 12 months to June 2024, we saw a 56% reduction in days lost to injury compared with the prior year.
- Facilitated a record cruise season with 133 ship calls and 335,290 passengers
- Won the Deloitte Top 200 Most Improved Performance Award and the HRNZ Future of Work award
- The Operational Improvement Team, co-led by port management and Maritime Union of NZ (MUNZ) has seen significant performance improvement in the container terminal. June 2024 was the strongest month in three years with over 70,000 TEU handled
- Worked collaboratively on the Auckland Long-Term Plan, signing a tripartite agreement with Auckland Council and the unions (represented by MUNZ) to secure the future of the port
- Underlying Net Profit After Tax (NPAT) $55.2m in FY24, an increase of $10m on last year
- Revenue increased to $339m, up from $320m in FY23
- Reduced net debt levels to $375.8m in FY24, from $407.5m in FY23
- Return on Equity increased from 4.6% in FY23 to 5.6% in FY24
TEU is equivalent to one twenty foot container.
Underlying NPAT excludes items such as revaluations, impairments, depreciation adjustments on buildings and one off non-operating items.
Port of Auckland Chair Jan Dawson said the FY24 results reflected the strong operational performance of the port in a tough economic environment.
"At a time where volumes across the industry have been significantly lower, the results highlight the port's improvement in the container terminal, market share growth and well controlled costs.
"I'm also particularly pleased with the safety improvements. We've been through a significant safety culture turnaround over the past couple of years and the results are a testament to the hard work and engagement by staff. In the 12 months to June 2024, we saw a 56% reduction in time lost due to injury.
"The board has approved a dividend to Auckland Council of $40m for the year, $5m more than committed in the port's Statement of Corporate Intent. We take our role as a council-owned organisation seriously and are proud to deliver more for Aucklanders.
"We were pleased to work collaboratively with the Mayor, Auckland Council and unions on Auckland Council's Long-Term Plan, ensuring positive outcomes for Aucklanders whilst securing the port's future, providing certainty to customers and employees.
Port of Auckland CEO Roger Gray is proud of how the team has worked together to deliver for Auckland.
"Two years ago we set out our three-year Regaining our Mana strategy. We have largely achieved this in two years and are now focussed on the next phase in our turnaround – Strengthening our Mana.
"We remain committed to safely lifting performance, delivering better returns to our owner Auckland Council, and improving how we support and engage with our customers – all whilst being a good neighbour to those who live and work close by.
"While we've seen softening in the bulk and breakbulk volumes, we have had a record cruise season with 133 ship calls, and the container terminal performance has improved with our volume in laden imports and exports lifting by 7%.
"During the year we have also made progress towards our sustainability goals. We have reduced our emissions, are investing in solar panels which will provide around 6% of our power consumption, and are continuing to electrify our fleet – ordering our first electric empty container handler. We have also progressed reforestation of the land at Āwhitu Peninsula with 50,000 natives planted this season.
"During the year ports across the country moved to have Maritime New Zealand (MNZ) as the sole regulator. We have worked closely with MNZ on this transition and were delighted that they quickly adopted a National Code of Practice for Stevedoring which is being rolled out. This supports our efforts to have consistent practises across the port and industry, ensuring safer operations.
"Finally, I want to recognise the port leadership team and our workforce who have looked out for each other's safety and delivered exceptionally for our customers and Auckland this year."
ENDS
For media requests contact
Julie Wagener
Head of Communications
027 421 6697
[email protected]
