Port of Tauranga Limited (NZX: POT) Financial Results for the Year to 30 June 2021

Friday 27th August 2021

Port of Tauranga, New Zealand’s largest port, today reported Group Net Profit After Tax of $102.4 million, a 15.4% increase, on 25.7 million tonnes of trade.

A 14.3% increase in log exports and a 46.0% increase in Subsidiary and Associate Company earnings were balanced by increased costs and reduced container volumes due to supply chain congestion.

Results summary:

• Total trade increased 3.8% to 25.7 million tonnes (up from 24.8 million tonnes)

• Container volumes decreased 4.1% to 1,200,831 TEUs (down from 1,251,741 TEUs)

• Group Net Profit After Tax increased 15.4% to $102.4 million, up from an adjusted $88.7 million the previous year

• Subsidiary and Associate Companies’ earnings of $18.6 million, a 46.0% increase

• Final dividend of 7.5 cents per share

• Total ordinary dividend of 13.5 cents per share

• Imports increased 4.0% to 9.4 million tonnes

• Exports increased 3.6% to 16.3 million tonnes

Port of Tauranga Chair, David Pilkington, says the results are very pleasing considering the well-documented supply chain challenges of the past year.

“As the world continues to grapple with the devastating effects of the Covid-19 pandemic, there has been major disruption in international supply chains. Constrained capacity in parts of the New Zealand supply chain, especially at Ports of Auckland, has exacerbated delays and restricted our ability to adapt quickly to the needs of importers and exporters,” says Mr Pilkington.

“International shipping capacity is in hot demand and costs for shippers have skyrocketed.”

Within this context, he says Port of Tauranga has proven to be strong and resilient.

Outlook

The outlook for the next financial year remains uncertain.

Mr Sampson says he is confident that Port of Tauranga has resolved land-side congestion issues for now.

“However, the disruption to the international supply chain remains, and the challenges in Auckland are unlikely to be resolved soon,” he says.

Covid-19 precautions will continue to impact efficiency and costs as we continue to prioritise the health and safety of our team members, their whanau and the community. In recent months, we have witnessed a worsening sector-wide labour shortage that could potentially have an impact on operations.

Port of Tauranga will provide earnings guidance for the 2022 financial year at its Annual Shareholders’ Meeting on 29 October 2021.

Please see the links below for details

NZX Letter listing attachments

Media Release on full year results for 30 June 2021

POT Integrated Annual Report for the year ended 30 June 2021

NZX Distribution Notice - Full Year

POT NZX Results Announcement 30 June 2021

Source: Port of Tauranga Limited

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