South Port New Zealand : Cargo surge and hard work lifts South Port

About this update from South Port New Zealand Limited

SOUTH PORT NEW ZEALAND LIMITED 27 August 2021 NZX Announcement and Media Release SOUTH PORT NEW ZEALAND LIMITED (NZX SPN) FULL YEAR 2021 RESULTS Highlights Full Year ending 30 June 2021: Reported net profit after tax (NPAT) $10.71 million (+13.6%) Operating Revenue $47.33 million (+6.0%) Cargo 3.45 million tonnes (+5.5%) Final dividend 19.5 cents per share Cargo surge and hard work lifts South Port South Port New Zealand Limited (South Port) has achieved a record after-tax profit of $10.71 million for the year ended 30 June 2021, which is a 13.6% increase on the $9.43 million recorded in 2020. This result is slightly ahead of the guidance provided in the Company's 2021 Interim Report, released on 8 March. "This is an extremely pleasing result in a sector that continues to face the ongoing challenges presented by Covid-19," said South Port Chairman, Rex Chapman. Total cargo increased 5.5% to 3,450,000 tonnes (2020 - 3,270,000 tonnes). "The level of profitability this year again reflects the Port's productivity and diversified cargo mix," said Mr Chapman. Operating revenue for the year was $47.33 million (FY20: $44.61 million). Pre-tax operating profit was $14.68 million (FY20: $13.35 million). Earnings per share were $0.408 (FY20: $0.359). Net tangible asset backing was $1.89 (FY20: $1.74). In setting the annual dividend, the Board takes into consideration both free cash flows and reported profit. A higher than forecast profit this year has resulted in a decision to lift this year's final dividend to 19.5 cents per share (FY20 18.5cps). This results in a full year dividend of 27 cents per share, a 4% increase on last year. Full imputation credits will be attached to all distributions. The dividend payment represents a gross return of 4.4% (net 3.2%), based on a share price of $8.48 as at 30 June 2021. This results in a dividend pay-out ratio of 66% for 2021 (using reported NPAT) and equates to 63% of FCF. P a g e | 2 After the challenges of Covid-19 in the second half of 2020, Mr Chapman noted the financial benefits of a quick resumption in key trading activities. "Safety continues to be our highest priority on port ahead of both productivity and profit," said South Port Chief Executive Nigel Gear. "This past year the performance of the team has again been up to a high safety standard. This is a tribute to the hard work and buy-in of all staff." TRADE Bulk...

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