This complex result is better than expected: quite solid.
Most metrics are pleasing, although there's been a slight decline in margins.
Grain exports up 148.4 per cent is a standout, but the most pleasing aspect was the very good result from 50 per cent owned Patrick's port terminals, despite October 2021 industrial action by CFMMEU/MUA.
Very good that Patrick's has managed to retain its two largest customers until at least December 2023. The union put out some adverse media about alleged loss of business, and while the market share of Patrick's declined by a couple of percentage points to 42 per cent at its four container terminals taken as a whoile, the company is optimistic that trend will be reversed.
'Capital management' comments (for the future) are interesting and may be accretive to holders.
Sydney's Moorebank Logistics Park's IMEX rail terminal is said to have had only 'modest' operating volumes. One hopes that the company forecast for better rail volumes in 2H 22 is met. Road congestion will rise in Sydney as many more go back to working at offices so that will indirectly help to build the business case for rail.
It's unclear what's happening with the Beveridge, Victoria land bank.
The dividend has risen. Paying out 50-60 per cent is OK.
QUB Price at posting:
$2.81 Sentiment: Hold Disclosure: Held
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