Port of Auckland has announced a surprising annual financial result, reporting an underlying net profit after tax (NPAT) of $55.2 million for the fiscal year ending June 2024. This figure represents a substantial increase of $10 million compared to the previous year, driven by revenue growth and enhanced market share.

In conjunction with the positive financial results, the port's Directors have declared a final dividend payment of $20 million to the Auckland Council, bringing total dividends for the year to $40 million, up from $30 million in the prior year.

Key Achievements:

A significant 56% reduction in days lost to injury, emphasising the port's commitment to safety.

A record cruise season with 133 ship calls and 335,290 passengers.

Recognition through the Deloitte Top 200 Most Improved Performance Award and the HRNZ Future of Work Award.

Successful collaboration between port management and the Maritime Union of NZ (MUNZ), resulting in record container terminal performance, with June 2024 marking the strongest month in three years at over 70,000 TEUs (twenty-foot equivalent units) handled.

A tripartite agreement signed with Auckland Council and unions to secure the port's future in line with the Auckland Long-Term Plan.

The port’s revenue increased from $320 million in FY23 to $339 million in FY24, while net debt levels decreased to $375.8 million from $407.5 million. The return on equity also improved, rising from 4.6% to 5.6%. 

Chair Jan Dawson commented, "These results reflect the strong operational performance of the port in a tough economic environment. Despite lower volumes across the industry, our improvements in the container terminal, market share growth, and well-controlled costs have contributed significantly to this success."

Dawson expressed particular pride in the enhanced safety record: "Our significant turnaround in safety culture is evident in the 56% reduction in time lost due to injury over the past year, a testament to the hard work and engagement from our staff."

Additionally, CEO Roger Gray emphasised the teamwork that led to these achievements: "Our 'Regaining our Mana' strategy has largely been realised in just two years. We are now transitioning into the next phase—'Strengthening our Mana.' Our focus remains on lifting performance safely, delivering better returns to Auckland Council, and enhancing customer engagement. 

Highlighting the cruise season's success, Gray noted: "While we encountered softening in bulk and breakbulk volumes, the record cruise season affirms our resilience, with a 7% increase in laden imports and exports."

The port has also made strides toward sustainability during the year, reducing emissions and investing in solar panels to generate approximately 6% of its power consumption. Furthermore, it has begun electrifying its fleet, including the order of its first electric empty container handler. Reforestation efforts at Āwhitu Peninsula have also advanced, with the planting of 50,000 native trees.

As the port navigates regulatory changes, Gray reiterated the importance of alignment with Maritime New Zealand's new regulations, welcoming the adoption of a National Code of Practice for Stevedoring to enhance safety consistency across the industry.

In closing, Gray praised the port’s leadership team and workforce for their dedication to safety and exceptional service delivery to both customers and the Auckland community.