SUNBIZ

Port Denarau Marina Limited Records $3.99 Million Profit

Port Denarau Marina Limited has recorded an operating profit after tax of $3,992,023 as at the end of July this year, after providing for income tax expense of $684,745. The
30 Nov 2019 13:35
Port Denarau Marina Limited Records $3.99 Million Profit
From left: Port Denarau Marina General Manager Cynthia Rasch, Director Nigel Skeggs, Chairman David Skeggs, Director Bryan Skeggs, Director Malakai Naiyaga and Company Secretary Josephine Yee Joy during the Port Denarau Marina annual general meeting on November 29, 2019. Photo: Port Denarau Marina Limited.

Port Denarau Marina Limited has recorded an operating profit after tax of $3,992,023 as at the end of July this year, after providing for income tax expense of $684,745.

The profit is an increase from 2018 which was $2,899,782 with $754,212 being income tax expense for that year.

This was noted in chairman David George Skeggs’ Report that was tabled during the Port Denarau Marina annual general meeting yesterday at Port Denarau Marina.

Other board members are Nigel Skeggs, Bryan Skeggs, Malakai Nayaga with company secretary Josephine Yee Joy.

The final dividend amounting to $900,000, as compared to $500,000 in 2018 was declared subsequent to year-end from the profits recorded.

Mr Skeggs highlighted revenue for the year had increased to $10,594,234 as compared to $9,028,351 for 2018.

 

Dividend and Share Price

Mr Skeggs in his report said the dividend proposed for the year ending July 31, 2019, was 2.25 cents per share ($900,000) compared to $500,000 for 2018.

“The share price has increased significantly from the float price of $1.31 with the most recent trade being $2.25,” Mr Skeggs said.

“This together with the proposed dividend will have provided an excellent investment for you as a shareholder in a very short space of time.

 

Investment

“During the year we started construction on our new reservations and commercial building that will be fully occupied on its completion.

“We look forward to shortly being issued our dredge permit which will allow us to complete the extension of our superyacht berths prior to the next season and before the anticipated increase in traffic related to the Americas Cup in New Zealand in 2021.

“During the next year, we are intending to make progress on the development of our vacant commercial land.

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