CentrePort regeneration on track

 June 2021   
CentrePort regeneration on track

CentrePort shareholders will receive a special dividend of $15 million as the company continues to progress its regeneration.

Chairman, Lachie Johnstone, says with CentrePort’s strong balance sheet and having successfully finalised the Kaikoura Earthquake claims in 2019, the company is in the position to pay the special dividend to its shareholders – Greater Wellington Regional Council and Horizons Regional Council.

The impact of the 2016 Kaikoura earthquake meant CentrePort paid lower than planned dividends totalling $11.7m during the financial years spanning 2017-2020.

“The $15 million restores the dividend pay-out to 50% of underlying Net Profit After Tax (NPAT) over that period (i.e. $26.7 million).

“CentrePort has performed strongly since the Kaikoura quake in 2016, and despite the headwinds because of COVID, CentrePort’s trades have been growing. Cruises remain on hold while the government ban on international arrivals remains in place.

“The company is investing in infrastructure to benefit customers, the community, the environment and its shareholders. CentrePort’s regeneration is progressing well to deliver a resilient 21st century logistics supply chain asset vital for the prosperity of central New Zealand,” says Mr Johnstone.

The regeneration progress in the past year has included:

•  Expansion of the Waingawa log yard capacity from 9,000 tonnes to 16,000 tonnes and procurement of additional land for further expansion.

•  The return of container cargo by rail onto port after four years, with the reinstatement of rail infrastructure damaged by the Kaikoura earthquake.

•  Progress on the $38.6 million Thorndon Container Wharf reinstatement project that will double the operational width of the gantry cranes to increase operational capacity to meet customer requirements.

•  The arrival and impending commissioning of 100% electric tractor and trailer units for the container service operations that will lower carbon emissions and improve operational efficiency.

•  Ground resilience improvements throughout the port including installation of more than 1000 stone columns, and continued demolition of damaged/redundant structures, creating thousands of square metres of additional operational space.

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