Napier Port reported its financial results for the nine months ending 30 June 2024, terming them “robust”.
“Trade for the nine months has been driven by strong log exports, cruise vessel calls, and the bounce back in containerised exports including fresh produce, apples, meat, and wood pulp and timber.”
Compared to the same period last year (you’ll recall we had a cyclone):
- Revenue for the nine months rose 15.5% to $107.1 million from $92.7 million
- Reported net profit after tax increased 48.2% to $19.1 million from $12.9 million
- Trade in log exports, the Port’s biggest revenue producer, increased by 24.6% to $37.3 million
- Cruise services contributed $9.1 million in revenue, up from $5.3 million in the cyclone-affected window.
On the downside, the Port notes that “most regional businesses continue to face a challenging economic environment” and that abnormally high energy costs have “led to two of our largest cargo customers, WPI (Winstone Pulp) and Pan Pac, to undertake temporary shutdowns of either all or part of their timber and pulp processing facilities.”