NEW Zealand’s Napier Port reported an increase in revenue for the 12 months through September 2022, while its throughput decreased from a record set the previous year.
The NZX-listed port’s revenue increased by 4.6% (on the previous year) to NZ$114.5 million.
Total tonnage shipped across Napier Port’s wharves of 5.39 million tonnes was 8.1% down on the record 5.87 million tonnes during 2021.
Container volumes were down 7.9% on the prior year to 254,000 TEU, while bulk cargo volumes reduced 7.6% to 3.65 million tonnes amid significant trading, environmental and operational disruptions.
The port said the increase in revenue in the face of these pressures reflected its “move to recover the significant rise in operating costs it has faced through the year and its programme of infrastructure investment”.
The result from operating activities of NZ$40.1 million decreased by 8.4% compared to the prior year with inflationary cost increases and investment in capability offsetting the increase in revenue.
The port’s underlying net profit for the financial year was NZ$18.6 million, down from NZ$22.0 million the previous year.
Additionally, Te Whiti, 6 Wharf, opens ahead of schedule and for a final construction cost of NZ$171 million, less than the original budget of NZ$173 million to NZ$190 million.
Napier Port chief executive Todd Dawson said over the past year, the port has worked to balance the long-term interests of the region and the port carefully.
“The successful commissioning of Te Whiti is the best evidence of this in action. The team delivered the wharf ahead of schedule for a final construction cost of NZ$171 million, under the original construction budget of NZ$173 million to NZ$190 million,” Mr Dawson said.
“The team has also managed the impact the project had on our port operations and kept the cargo flowing despite ongoing and significant diversions of ships from shipping schedules and a reduction in the number of vessels visiting Napier Port. Total ship visits (container and charter) were down to 513 vessels, a 12.3% reduction on the prior year’s 585 visits.”
Additionally, Napier Port chair Alasdair MacLeod is stepping down from his role at the conclusion of the port’s annual meeting in December after eight years at the helm.
Independent non-executive director Blair O’Keeffe will replace Mr MacLeod as chair at the same time.
“Alasdair leaves as his legacy a safer port operation where people are valued first and foremost,” Mr Dawson said.
“He has also successfully governed us through the initial public offer and listing on the NZX, the company’s largest-ever investment and infrastructure development, and the successful navigation of periods of national emergency, including the Kaikōura earthquake, the global COVID pandemic and unprecedented disruptions to national and global supply chains. On behalf of shareholders and the Napier Port team we thank Alasdair for his commitment to Napier Port, its people, and our region.”
