Regarding Sugar Terminals Limited's (NSX:SUG) performance and activities for the first half of FY22, I wish to provide a further update in relation to the development of a new Storage and Handing Agreement (SHA) with our six customers.
Sugar Terminals Limited
Sugar Terminals Limited (NSX:SUG) (STL) owns and operates six bulk commodity terminals in Queensland and plays a vital role in Australia's sugar market, handling over 90% of the raw sugar produced in Australia each year. STL's terminals provide 2.5 million tonnes of storage capacity and handle more than 4.6 million tonnes of commodities each year. In addition to around 4 million tonnes of bulk sugar, STL also handles more than half a million tonnes of other commodities annually, including molasses, wood pellets, gypsum and silica sands. STL has over $350 million in assets in strategic port locations across Queensland. We have in place 100 year leases with the port authorities at each of our six terminals. These leases include rolling options to extend for a further 100 year period.
New infrastructure worth more than $20 million will be built at the Port of Bundaberg as part of a joint project involving the Federal Government, Gladstone Ports Corporation Ltd and Sugar Terminals Limited (NSX:SUG) to support the development of new export-focused industries in the region.
Sugar Terminals Limited (NSX:SUG) has welcomed a further provisional $7.7 million funding boost for new infrastructure at the Port of Bundaberg.
A NEW multi-million-dollar project to build Common User Infrastructure at the Port of Bundaberg is a step closer, with the detailed plans complete and tenders now open to local businesses.
Sugar Terminals Limited (NSX:SUG) today announced a 1.8% improvement in net profit after tax, up from $26.7 million in FY20 to $27.1 million in FY21.
Sugar Terminals Limited (NSX:SUG) has today announced that the current raw sugar Storage and Handling Agreements with all STL customers will expire on 30 June 2022.
Sugar Terminals Limited (NSX:SUG) has commenced the $22 million roof replacement program at its Townsville Bulk Sugar Terminal with BESIX Watpac onsite and work well underway.
Sugar Terminals Limited (NSX:SUG) today announced a Net Profit after Tax of $13.6 million for the half year to 31 December 2020 (H1), a 1.9% improvement on H1 FY20 and in line with expectations.
Sugar Terminals Limited (NSX:SUG) today announced a 2.3% underlying improvement in net profit after tax (with a headline increase of 0.2%), after allowing for the one-off sale of a minor portion of land and buildings in 2019.
Sugar Terminals Limited (NSX:SUG) has today appointed David Quinn to assume the role of Chief Executive Officer (CEO) in October 2020, following the retirement of current CEO John Warda.