Global transport company Mainfreight has reported a strong financial result, reflecting considerable ongoing disruption in supply chain over the past year, with no immediate end in sight.
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Key numbers for the 12 months ended March compared to a year ago:
- Net profit $355.4m vs $167.3m
- Revenue $5.22b vs $1.67b
- Underlying profit $489.4m vs $227.0m
- Final dividend 87 cents per share, Full year dividend $1.42 per share.
"These results should not come as a surprise to our shareholders and the market following our regular updates as a consequence of a highly disrupted year in the world of logistics," the company said in a statement to the market.
Mainfreight's net profit rose 89 percent, revenue rose 47 percent, with momentum continuing into the first seven weeks of the trading year.
"It is our view that we will continue to see supply chain congestion across the world for the immediate future," it said.
"However, we do not expect the quantum of profit improvement of this past year to reoccur in the short term; rather we anticipate we will revert to our normal levels of revenue and profit growth."
The past year saw a significant increase in bottom-line contribution from the air & ocean division as well as increased profitability in domestic warehousing and transport.
"All five regions saw increased sales growth and profitability," it said, adding net profit after tax from businesses outside of New Zealand exceeded 72 percent of the group's total.