https://www.nzx.com/announcements/421575

Napier Port (NZX.NPH), the premier freight gateway for the central and lower North Island, today reports it is well positioned to build momentum in earnings as the region’s cargo owners emerge from the shadow of February’s Cyclone Gabrielle and the post-pandemic recovery resumes.

HIGHLIGHTS
• Revenue rises 3.4% to $118.4 million due to the return of cruise vessels and yield improvements
• Result from operating activities falls 7.1% to $37.2 million with the revenue increase not fully offsetting the impact of inflationary cost pressures
• Post-Cyclone Gabrielle business interruption insurance claim contributes $7.25 million to earnings
• Underlying net profit after tax of $10.7 million, down from the prior year’s $18.6 million. Reported net profit after tax of $16.6 million, down 18.8% on the prior year’s $20.4 million
• Cyclone recovery efforts make good progress amid positive signs for the forestry and pip fruit trades; cruise visits to increase with 92 bookings for the 2024 season from 64 calls in 2023
• Directors declare a fully imputed final dividend 3.55 cents per share, taking total dividends for the 2023 financial year to 5.25 cents per share from 7.5 cents in the prior year