Marsden Maritime Holdings Limited Analysis

Overview

Marsden Maritime Holdings Limited (previously known as Northland Port Corporation (NZ) Limited), was formed in 1988 following deregulation of harbour boards.

The business was redefined in subsequent years, including the development of a new port facility at Marsden Point in a 50/50 joint venture arrangement (Northport) with the Port of Tauranga.

The company listed in October 1992 with a public offer of 10 million shares at $1.25.

On 25 July 2014 the company announced a name and code change from Northland Port Corporation (NZ) Limited ("NTH") to Marsden Maritime Holdings Limited ("MMH"). The change was effective on 4 August 2014.

MMH has been granted Listing with a 'Non-Standard' ("NS") designation. This designation was granted because under the Port Companies Act 1988, changes to MMH's Constitution must be approved by the Minister of Transport. For further information, please see the the Port Companies Act 1988 which is publicly available at www.legislation.govt.nz.

Performance

The following information was extracted from Marsden Maritime Holding Limited's Half Year results, released on 28 February 2025:

Marsden Maritime Holdings Announces Result for HY25

Financial highlights:

• Marina and Boatyard revenue of $1,724k, up 4.5%.
• Lease revenue of $2,628k, up 2.3%.
• Operating profit (excluding one-off costs related to the proposed transaction) of $995k, up 2.1%.
• One-off costs related to the proposed transaction of $412k impacting underlying earnings as of 31 December 2024.
• Northport share of earnings of $4,011k, down 6.5%, due to lower log volumes and associated revenue.

Marsden Maritime Holdings Limited (NZX:MMH) has reported a Half Year Net Profit After Tax of $3,794k, down 12.9% on the previous period, with the change mainly due to lower earnings from its joint venture interest in Northport, and one-off costs associated with a proposed transaction announced on 25 February 2025 (details below). MMH also reported continued growth in its parent entity segments with Operating Profit of $995k, up 2.1% on the previous period, driven by Marina and Boatyard revenue (up 4.5%) and lease revenue (up 2.3%), which is particularly pleasing given the economic conditions.