Marsden Maritime (MMH) H2 2024 earnings summary

Executive summary

• Revenue from Business Park and Marina Operations rose 6% to $12.0m, with marina revenue up 15% to $3.3m and lease revenue up 7% to $5.2m year-over-year.

• Net profit after tax before valuations was $7.5m, down 9.1% from the prior year, reflecting recessionary pressures and Cyclone Gabrielle's impact.

• Earnings from the Northport joint venture were $7.9m, down 2.3% year-over-year.

• 93% occupancy rate achieved across assets as of 30 June 2024, with 29 new leases and renewals executed.

• Completed first Climate-Related Disclosure and advanced sustainability initiatives, including native planting and stormwater monitoring.

Financial highlights

• Operating income less operating expenses increased 9% to $1.8m year-over-year.

• Net profit after tax (attributable to owners) was $4.47m, down from $7.93m in FY23.

• Total dividend distribution for the year was 11.75 cents per share, with a final dividend of 5.75 cents per share to be paid 30 September 2024.

• Net tangible assets per security as at 30 June 2024: $3.80 (prior year: $3.89).

• Cash flow from operating activities was $7.3m, down from $8.9m in the previous year.

Outlook and guidance

• The next 12–18 months are expected to be a key growth period, with internal restructuring and senior appointments positioning the company for expansion.

• Business case for He Ara Huringa business park completed, with key enabling projects identified to build momentum.

• Continued focus on infrastructure advocacy, including support for the Northport rail spur and drydock solutions.