Napier Port (NPH) AGM 2024 summary

Opening remarks and agenda

• Formal welcome extended to shareholders and local hapū, with acknowledgment of both in-person and online attendees.

• Meeting agenda included board and executive presentations, Q&A, voting on resolutions, and general business.

• Quorum confirmed with proxies representing 79.5% of shares; meeting formally opened.

• Chair, Chief Executive, and Chief Financial Officer delivered addresses, followed by Q&A and general business before closing the meeting.

Financial performance review

• Revenue rose 15.9% to NZD 141.4 million; net profit after tax increased nearly 50% to NZD 28.4 million.

• Net profit after tax rose to $24.8 million, a 49.7% increase from the previous year.

• Total cargo handled grew 8.1% to 4.9 million tons, with log exports up 13.5% and containerized cargo up 3.4%.

• Operating profit increased 39.5% to NZD 52 million, aided by strong cost control and operating leverage.

• Debt reduced by NZD 20.5 million, with a debt-to-EBITDA ratio of 1.8x and NZD 70.5 million in undrawn credit.

• Operating cashflow was $53.9 million, up $16.7 million, and total drawn debt reduced by $20.5 million.

Board and executive committee updates

• Board and management team introduced, highlighting diverse experience and local representation.

• Debbie Birch elected as director; Vincent Tremaine and Blair O'Keeffe re-elected.

• Board comprises Stephen Moir, Debbie Birch, Vincent Tremaine, John Harvey, Kylie Clegg, and Dan Druzianic.