Port of Tauranga (POT) H2 2024 earnings summary

Executive summary

• Net profit after tax fell 22% to $90.8M for the year ended 30 June 2024, with underlying earnings down 12.8%.

• Total trade volume declined 4.2% year-over-year to 23.6M tonnes, and container volumes dropped 2.5%.

• Ordinary dividends decreased 5.8% to 14.7 cps, reflecting lower profitability.

• Second half performance improved, with underlying earnings up 17.4% sequentially and trade volumes up 3.3%.

Financial highlights

• Revenue was $417.4M, down slightly from $420.9M in the prior year.

• Group underlying earnings were $102.7M, with a one-off deferred tax impact of $11.9M.

• Subsidiaries and associates' net profit after tax fell 29.3% to $9.4M.

• Terminal storage revenues dropped 59% to $11.1M.

• Net debt to net debt plus equity ratio remained stable at 16.9%.

Outlook and guidance

• Export commodity price pressure persists, but some improvement is expected in FY25.

• Domestic economy anticipated to stay subdued in the first half of FY25.

• Expected to handle around 1.2M TEU and 6M JAS log volume in FY25.

• FY25 earnings guidance to be provided at the AGM in October.

• Infrastructure investment remains a priority to boost resilience and capacity.