Cargo Volumes continue to grow through Port Nelson
Posted on 26/09/2018
Port Nelson has seen further strong cargo volume growth for the second year running which has delivered an operating profit of $27.1 million, compared to the $22.8 million reported in 2017. The Net Profit After Tax (NPAT) result was $14.0 million, which included a $2.22 million increase in the valuation of investment property.
On Wednesday at the company AGM, Port Nelson Chair, Phil Lough announced that in light of this year’s strong result, a further $1.5 million dividend payment will be made to shareholders in addition to the full year declared dividend of $5.5 million.
He further advised that cargo volumes were well up for the last 12 months with logs being the standout once again, with apple and motor vehicles also providing strong volumes. ‘Log volumes grew a further 25% this year which has once again stretched storage areas to their limits’ said Mr Lough, and this has driven the work being undertaken to increase land available for the storage of export log cargoes.
The second stage of the Patterson Logistics Centre was completed in late 2017 and came into full operational service in early 2018 with the total facility now encompassing near 23,000m2 of covered storage area.
Container volumes also grew a further 10% to over 120,000TEU with all weekly services being well supported by importers and exporters.
Key infrastructure projects completed during the year included:
- The second stage of the Patterson Logistics Centre in Dec 2017
- The installation of an additional three reefer towers for the storage of export refrigerated cargoes in early 2018
- The purchase of Low St from the Nelson City Council and integration into our internal operational area in June 2018
- The purchase of a Kalmar Straddle carrier for the movement of containers between our terminal and the Quayconnect facility
- Remediation of the Calwell Slipway area in April 2018
Mr Lough indicated further significant capital investment is to come in the next two years as Port Nelson continue to work towards ensuring they have the facilities and infrastructure to meet the needs of their customers. ‘The rebuild of Main Wharf North should commence early in 2019 and we will then also need to consider the upcoming replacement of some of the older mobile plant including the original two Liebherr Mobile Harbour cranes’ Mr Lough said.
Highlights of the report to shareholders are:
- Revenue of $67.2 million
- Operating profit of $27.1 million
- Overall net profit of $14 million
- Total cargo volumes of 3.6 million tonnes
- Container volumes of 121,483 TEU
- Full declared dividend of $5.5 million (and an additional $1.5 million announced at AGM
Media enquiries please contact:
Phil Lough – Chairman Port Nelson Ltd Ph 027 442 5447
Martin Byrne – Chief Executive – Ph 021 548209