Marsden Maritime (MMH) AGM 2024 summary

Opening remarks and agenda

• The 36th Annual Shareholders Meeting opened with health and safety instructions and a welcome to both in-person and online attendees, outlining an agenda covering financial overview, strategy, ecosystems, people, ESG, resolutions, and general business.

Financial performance review

• Net profit after tax (excluding revaluations) was NZD 7.5 million, down 9.1% from last year.

• Joint venture earnings from Northport fell 2.3% to NZD 7.9 million.

• Marina revenue rose 14.8% to NZD 3.3 million, with high occupancy rates and new tenants.

• Business park and marina operations revenue grew 6% to NZD 12 million; lease revenue up 7% to NZD 5.2 million.

• Underlying earnings at Northport grew 3% before tax adjustment.

Dividend announcements

• MMH paid a fully imputed final dividend of NZD 0.0575 per share, totaling NZD 0.1175 per share for the year, paid on 30 September 2024.

• Northport reduced its dividend ahead of a planned wharf extension.