“She’s apples” at Napier as fruit exports drive quarterly growth

APPLE exports have helped drive third quarter trade growth at Napier Port in New Zealand’s North Island.

Some third quarter highlights were:

• Revenue for the third quarter increased 16.4% to $42.5 million from $36.5 million in the same period last year, following volume increases of 12.7% for container services and 2% for bulk cargo.
• The result from operating activities increased 44.6% to $17.7 million from $12.3 million.
• Underlying net profit after tax increased 75.6% to $8.4 million from $4.8 million.

Chief executive Todd Dawson said the impact of apples was clear in driving trade volumes.

“Good growing conditions and an early apple picking season delivered strong refrigerated container volumes, changes to shipping line services resulted in higher DLR (discharge, load, restow) and transhipment container volumes and Pan Pac’s return to full pulp and timber operations increased dry export container volumes,” Mr Dawson said.

Some results for the nine months to June 30 were:

• Revenue rising 12.6% to $120.6 million from $107.1 million in the same period last year, led by significant growth in container services revenue.
• The result from operating activities increased 28.4% to $50.9 million from $39.6 million as higher revenue was supported by effective cost management.
• Underlying net profit after tax increased 46.1% to $23.2 million from $15.9 million.
• Reported net profit after tax increased 49.9% to $28.6 million from $19.1 million

Napier Port has stated that it expects an underlying result from operating activities for the full year to 30 September 2025 around $59 million and $63 million.

Mr Dawson said they would be increasing capital investment in the near term linked to their investment program focused on infrastructure and capability enhancement and asset renewal and replacement.

In other news:

• Container services revenue for the quarter of $29.4 million rose 21% from $24.3 million in the same period last year.
• Container services revenue increased by 24.6% to $72.2 million from $57.9 million for the nine months as higher container volumes were amplified by higher revenue per TEU.
• Average revenue per TEU for the nine months increased 9.9% to $373 from $339 in the same period last year. This was said to be due to higher port pack and depot contributions, container mix and tariff increases.
• Container volumes for the quarter rose 12.7% to 81,000 TEU, led by higher apple exports, general cargo imports and empty containers to support export cargo.

For the nine months, container volumes increased 13.4% to 194,000 TEU from 171,000 TEU in the same period last year.

Bulk cargo revenue for the quarter rose 10% to $12.3 million from $11.1 million in the same period last year, as bulk volumes increased 2% to 0.78 million tonnes.

For the nine months, bulk cargo revenue increased by 1.1% to $37.7 million from $37.3 million, while volumes decreased 6% to 2.49 million tonnes.

Log export volumes for the quarter increased by 6.1% to 0.68 million tonnes, and for the nine-month period decreased by 7.3% to 2.03 million tonnes.

The cruise season completed in May with 78 vessel calls and more than 108,000 passengers visiting the region.