Port of Auckland has navigated a challenging vehicle import market and announced a half-year underlying net profit after tax (NPAT) of $42 million, up 98% compared to the prior year’s result.
The port points to record container volumes, an increase in laden exports and a stronger than expected early cruise season for the strong result. December 2024 saw the highest number of containers through the port since 2019.
The Auckland council-owned port declared an interim dividend payment of $25m, up $5m on the year prior.
Revenue was up 20% to $195.4m and debt levels were reduced by more than $15m for the period.
The port also upgraded its full-year earnings guidance to $75-80m NPAT (FY24$55.2m) with a total dividend of at least $45m.
It continues to work with Auckland Council on implementing its 2024 – 2034 Long Term Plan and has lodged its consent application to complete Bledisloe North and Fergusson North wharves.
The wharves will make the port “big ship capable” and provide long term fit for purpose port infrastructure.
The plans also include more waterfront access to the public, reduced vessel congestion in the ferry basin, growth in cruise tourism and meeting increased freight requirements.
Chief executive Roger Gray says growth is expected to continue.
“Container trade and some bulk cargo volume has been positive, with the container trade up 8% year on year.
“Vehicle and construction sectors have been challenging, however we do expect some recovery in these markets later in the year.
“Our interim results and dividend show we are well on our way to delivering a million dollars a week to the city and meeting our commitment to provide a fair return to our shareholder,” Gray says.
During the period the port also helped launch the Approved Code of Practice for cargo handling with Maritime NZ and the Port Safety Leadership Group in November 2024.
It also received Energy Efficiency and Conservation Authority (EECA) funding and procured its first electric empty container handler to support emissions reductions.
