Port of Auckland has delivered an underlying net profit after tax (NPAT) of $21.2m for its half year results, up $400,000 compared to last year’s result.
The council-owned port delivered a $20m first half dividend to Auckland Council.
The result came despite demurrage (cargo holding) revenue decreasing by $15m compared to the same period last year as supply chain congestion issues have eased.
Revenue increased to $162.5m, up from $159.5m in the first half of FY23.
Total laden import and exports increased from 204,088 TEU to 225,128 TEU — an 8% increase in upper North Island market share on the prior first half.
Meanwhile, debt levels were reduced by $9.9m to $397.6m.
The port says it’s on track to deliver a full year NPAT result of $52m and a dividend of at least $35m.
Chief executive Roger Gray says the improved performance, despite a reduction in demurrage revenue of, shows that the port’s turnaround strategy is working.
He says the port is also starting to convert the automated straddles into manual straddles following the decision to scrap the project in 2022.
“It will take two years to convert the whole fleet, but we expect the first converted straddle to be in operation at the end of April.
“These lower emissions straddles are an important step towards our emissions reduction goal and give us container terminal capacity well into the 2030s.
“We know the value of being a low carbon fast entry and exit point to Auckland and are committed to delivering this for North Island importers and exporters,” he says.
