- Mainfreight delivered a strong performance across its all five regions in its half-year results for the 6 months to 30 September 2021.
- Air & Ocean’s revenue performance was particularly strong across regions.
- Mainfreight will release its FY22 results on 26 May 2022.
Mainfreight Limited (NZX:MFT) is a logistics and supply chain provider based in Auckland.
The firm announced that its half-year results to 30 September 2021 were in line with its expectations. The Group’s all 5 regions added strongly to the improved performance even after supply chain congestion and ongoing lockdown disruptions across markets.
Image source: © 2021 Kalkine Media®, Data source- Refinitiv
MFT’s performance in generating revenue from Air & Ocean rose due to higher air and sea freight rates and a rise in freight tonnage.
MFT reported a 41.4% rise in its revenue to $2.274 billion and a 79.4% increase in its NPAT to $130.81 million for the 6 months ended 30 September 2021 on pcp. The Group also declared an interim dividend of 55cps, due to be paid on 17 December 2021.
NZ witnessed disturbances in H1 with an impact on the transport network amid the August lockdown However, volumes are recovering as restrictions eased. Air & Ocean as well as warehousing segments also continue to strengthen.
Trading across these 3 segments has strengthened post September with expectations continuing after Diwali in November.
The Group’s Australian business showed increasing growth and profitability, mainly from the increased market share. The European business also showed increased trading across all its 3 divisions.
Mainfreight’s Asian operations have gained from increased demand for shipping and airfreight capacity while MFT’s trading across the USA business has continued to remain solid after September.
The strong financial result comes at the back of higher demand from consumers, present market share activity and increased shipping and airfreight rates.
The Group’s network escalation persists to increase its regional exposure in most countries. However, unmatched supply chain congestion and demand has needed delivery expectations to be increased.
Trading has seen a continuation of present financial and volume trends and MFT stays positive that the present activity and growth levels will continue across its global network for the rest of the financial year as well as next.
Mainfreight will release its FY22 results on 26 May 2022.
On 16 December, at the time of writing, MFT was trading at $5.78, down 0.34%.
(NOTE: Currency is reported in NZ Dollar unless stated otherwise)