Marsden Maritime (MMH) H2 2024 earnings summary

Executive summary

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

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

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

• Dividend distribution totaled 11.75 cents per share, with a final dividend of 5.75 cents per share to be paid in September 2024.

• Operational highlights included high asset occupancy (93%), 29 new leases/renewals, and completion of key infrastructure projects.

Financial highlights

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

• Net profit after tax (excluding revaluations) was $7.5m, while reported net profit after tax was $4.5m due to property revaluations.

• Total assets stood at $194.3m, with equity of $157.0m and net tangible assets per security at $3.80.

• Cash flow from operations was $7.3m, down from $8.9m last year.

• Investment property revaluation loss of $3.0m impacted comprehensive income.

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.

• Focus areas include advancing the He Ara Huringa business park, supporting Northport’s container terminal expansion, and advocating for regional infrastructure improvements.