CentrePort has continued to perform strongly across all its business functions, including positively navigating ongoing economic challenges to report an unaudited underlying half year profit of $8.2m, representing a 22% increase on last year’s half year result.
According to CentrePort Board Chair, Lachie Johnstone, the result affirms that the port’s efforts in efficiency customer focus over the past two years have resulted in it delivering on plans for the business amidst a difficult trade environment.
“It’s tough out there for us and many others in business. So, to come through the first six months in this position is a testament to CentrePort’s efforts and approach and commitment to productivity,” he says.
“There is a reason CentrePort continues to be considered the most efficient container port by the World Bank’s CPPI across a growing geographic area of Oceania each year. It’s also why we have loyal customers and how we demonstrate that we’re a critical link in the freight and supply chain, supporting New Zealand Inc to succeed,” he adds.
Key highlights for the six months ending 31 December 2024 include:
- group underlying net profit after tax(*1): $8.2m up 22% from $6.7m in the previous half year,
- revenue: $55.0m, up 8% on the prior half year,
- interim dividend - $4m, $0.5m higher than the previous year half year.
CentrePort Chief Executive, Anthony Delaney, says he is proud of the port’s achievements given the circumstances: “It highlights the benefits of CentrePort’s focus on minimising waste and focusing on efficiency over the past two years, whilst mitigating impacts to our customers and securing new business in a highly competitive market.
“At the end of last year, we started working with new customers Oji Fibre Solutions and Zindia Forestry, along with continuing to support our existing clients.”
CentrePort continues to invest into all its operations, with ongoing work to complete the $60M investment into the Seaview Wharf Renewal progressing, with targeted completion for the critical main wharf head mid-2025. This will significantly improve the resilience of the berth which is a critical lifeline asset for the lower North Island. The port also committed to the installation of a BESS scheme, including further embedded energy as part of its energy transition and the establishment of a private 5G network, both of which are targeted to be operational this year.
CentrePort anticipates in the short term that trade will continue to be affected by the current ‘headwinds’ that business is facing across all trades but believes opportunities to support trade growth are becoming increasingly evident, says Mr Johnstone: “The business will need to continue to remain agile, adjusting to local, domestic and international challenges. Fortunately, there are more opportunities emerging than this time last year, which is a positive balance to the uncertainty the market is managing.
“Other opportunities may also present themselves, so we are cautiously optimistic as we look at the future. This is good news as a council-owned business because the port benefits the people the councils serve, which in turn meets the needs of the regions the port serves.”
