Port of Auckland’s strategy, focused on being the preferred port for customers, building a strong culture of safety and delivering a fair return to its shareholder, is gaining momentum.
Board Chair Jan Dawson is pleased to see the execution of the strategy resulting in customers choosing Port of Auckland and valuing what we offer.
“We have been providing an improved and more reliable service, and our location is the optimal route to market for many customers.
“What I’m most proud of is the continued efforts on safety, with the launch of the Approved Code of Practice and further safety initiatives implemented” says Dawson.
Port of Auckland Chief Executive Roger Gray expects growth to continue.
“Container trade and some bulk cargo volume has been positive, with the container trade up 8 percent year on year. Vehicle and construction sectors have been challenging, however we do expect some recovery in these markets later in the year.
“Our interim results and dividend show we are well on our way to delivering a million dollars a week to the city and meeting our commitment to provide a fair return to our shareholder.
“I want to thank the team for their consistent efforts to perform safely and support our customers. I’ll be the first to admit we still have work to do, but we have a clear focus and initiatives underway to better meet our customer expectations.” says Gray.
Following record container volumes[1], an increase in laden exports and a stronger than expected early cruise season, Port of Auckland has today announced a half year underlying net profit after tax[2] (NPAT) of $42m and declared an interim dividend payment of $25m to Auckland Council.
Port of Auckland continues to work with Auckland Council on implementing its 2024 – 2034 Long Term Plan and has lodged its consent application to complete Bledisloe North and Fergusson North wharves.
These wharves will make the port “big ship capable” and provide long term fit for purpose port infrastructure. Additionally, they will enable more waterfront access to the public, reduce vessel congestion in the ferry basin, support growth in cruise tourism and meet the increasing freight requirements of the city.
Port of Auckland also announced an increase in full year underlying NPAT expectations to a range of $75-80m. In its Statement of Corporate Intent, the company committed to $65m underlying NPAT for the full financial year.
Financial highlights:
- Underlying NPAT of $42.0m, an increase of $20.8m (98%) compared to the prior year’s result.
- Revenue increased to $195.4m, up 20% from $162.5m in the first half of FY24.
- Continued to reduce net debt levels, by over $15m. The port has now paid down over $100m of debt in the last three years, and is well placed to invest in future growth.
- Interim dividend of $25.0m, up $5.0m (25%) on the prior year.
- Upgraded earnings guidance of $75-80m underlying NPAT (FY24 $55.2m) and a total dividend of at least $45.0m (FY24 $40.0m).
Business highlights:
- Launching the Approved Code of Practice for cargo handling with Maritime NZ and the Port Safety Leadership Group in November 2024.
- Implementing the Health and Safety Performance Index which measures both lead and lag safety indicators and provides greater visibility and insights to improve safety culture.
- 16 of the port’s 27 “4 high” straddle fleet now in operation within the container terminal.
- Received EECA funding and have procured our first Electric Empty Container Handler which will support further emissions reductions.
- Winning the Diversity and Inclusion Leadership Award at the Deloitte Top 200 Awards. Jan Dawson also won Chairperson of the Year. Port of Auckland was also a finalist for Company of the Year and Roger Gray a finalist for CEO of the year.
- Port of Auckland was the first port in New Zealand to take the Pride Pledge.
