Northport delivers record profit
Marsden Maritime Holdings (MMH) has announced a net profit of $14.26 million for the year ended June 30, 2021, more than doubling the previous year’s result of $6.68m.
The company and Port of Tauranga jointly own Northport, which delivered a record $9.53m profit on the back of strong cargo volumes.
Northport’s annual bulk cargo volumes of 3,546,744 tonnes was 18.3 per cent higher than the previous year, with log exports accounting for 80 per cent of that total.
Annual container volumes were up slightly on the FY2020 with 13,451 TEU handled.
Revenue from MMH’s property and marina operations was also up 14.6 per cent from a year ago.
Felix Richter, chief executive, says the company has undertaken four significant construction projects over the past 12 months and seen solid growth in the commercial property, marina and marine services.
“We have delivered convincingly against our long-term business strategy with developments that support the growth of Northport, reinforce Marsden Point’s reputation as a marine services hub, grow the local economy more generally, and assist with the transformation of the wider Northland economy,” he explains.
MMH says it will continue to focus on driving growth in its non-port areas of activity, investing in infrastructure to enable and encourage organisations to relocate to Marsden Point.
A dividend of 11.25 cents per share (cps) is due to be paid on September 24. This will bring the total dividend distribution for the year to 18cps, up two cents from last year.
