Port of Auckland has delivered a stronger than expected annual result, posting an underlying net profit after tax (NPAT) of $55.2 million, driven by revenue growth and market share gains.
It represents an increase of $10 million (22%) from the previous year while revenue was up to $339m from $320m in FY23.
The directors declared a final dividend payment of $20 million to shareholder Auckland Council, bringing the total declared dividends for the year to $40 million — $10 million higher than the prior year.
The port also successfully reduced its net debt levels, decreasing from $407.5 million in FY23 to $375.8 million in FY24.
Operational and safety achievements
The port’s operational performance was bolstered by a range of achievements, including a 56% reduction in days lost to injury compared with the previous year. A record cruise season was facilitated, with 133 ship calls and 335,290 passengers.
Port of Auckland chair Jan Dawson attributed the strong results to improvements across the board, particularly in the container terminal’s performance.
“At a time where volumes across the industry have been significantly lower, the results highlight the port’s improvement in the container terminal, market share growth, and well-controlled costs,” Dawson says.
Dawson also emphasised the importance of safety improvements, noting the port has been through a “significant safety culture turnaround over the past couple of years and the results are a testament to the hard work and engagement by staff”.
Future focus
“We were pleased to work collaboratively with the mayor, Auckland Council and unions on Auckland Council’s Long-Term Plan, ensuring positive outcomes for Aucklanders whilst securing the port’s future, providing certainty to customers and employees,” Dawson says.
Port chief executive Roger Gray praised the team’s efforts, stating: “Two years ago, we set out our three-year Regaining our Mana strategy. We have largely achieved this in two years and are now focused on the next phase in our turnaround—Strengthening our Mana.”
Gray highlighted the port’s commitment to sustainability, noting progress in reducing emissions, investing in solar energy, and continuing the electrification of the fleet. including an order for its first electric empty container handler. He also celebrated reforestation of the Āwhitu Peninsula, where 50,000 native trees were planted this season.
Additionally, Gray discussed the port’s work with Maritime New Zealand (MNZ) as the sole regulator, expressing satisfaction with the rapid adoption of a National Code of Practice for Stevedoring, which aims to ensure safer operations across the port and industry.
“This supports our efforts to have consistent practises across the port and industry, ensuring safer operations.
“Finally, I want to recognise the port leadership team and our workforce, who have looked out for each other’s safety and delivered exceptionally for our customers and Auckland this year,” Gray adds.
