Ann: Investor Presentation - 2023 Full Year Results, page-2

What a terrific result given the decline in containers handled at all ports including where the 50 per cent owned Patrick's division of QUB operates. This is a reflection of shoppers reducing discretionary purchases, given there's always more import containers than export TEUs.

The forward outlook is said to be quite good so grumpy 'Mr Market' may be pleased, although earnings from agriculture (especially grain) may decline given the decrease in winter 2023 plantings (and likely yield per hectare drops) in northwest NSW in particular.

A tremendous result from logistics and infrastructure.

The Interstate Terminal at Moorebank NSW's construction cost has blown out by 23 per cent to $200 million. This isn't good, but may reflect ongoing cost rises in building and construction.

The Moorebank terminal isn't performing well so some question marks remain. I hope it succeeds.

Interesting that with the Kalari road transport acquisition, QUB is identifying opportunities for further bulk rail freight.

Excellent rise in return on funds employed and the dividend to SH.

This is CEO Paul Digney's second FY result: great work Mr Digney. Shows the value of having someone who's been schooled in-house for 20 years.

QUB is an underrated business and an achiever. It shows in today's result.