Official Club Stuff Port announce operating profit of $3.157M

[Ford Fairlane]

The Port Adelaide Football Club is pleased to announce an operating profit of $3.157m for the 2024 financial year. This result is before grant revenue, depreciation, and amortisation.

After including capital grant revenue associated with the Alberton Oval redevelopment of $3.735m, and deducting depreciation and amortisation of $1.837m, the club reports a consolidated profit of $5.055m.

 

[El Zorro]

The Port Adelaide Football Club is pleased to announce an operating profit of $3.157m for the 2024 financial year. This result is before grant revenue, depreciation, and amortisation.

After including capital grant revenue associated with the Alberton Oval redevelopment of $3.735m, and deducting depreciation and amortisation of $1.837m, the club reports a consolidated profit of $5.055m.

Debt to under $2m.

This growth enabled the club to reduce debt by a further $2.0m in 2024, resulting in total debt reduction of $10.5m across the last four years. Total debt is down to $1.89m as of 31 October, with the club aiming to clear this historical debt in by the end of 2025.

 

[Ford Fairlane]

Debt to under $2m.

This growth enabled the club to reduce debt by a further $2.0m in 2024, resulting in total debt reduction of $10.5m across the last four years. Total debt is down to $1.89m as of 31 October, with the club aiming to clear this historical debt in by the end of 2025.

When we do this do you think this will be the sanfl HQ straight after?

 

[Bump Bailey]

The Port Adelaide Football Club is pleased to announce an operating profit of $3.157m for the 2024 financial year. This result is before grant revenue, depreciation, and amortisation.

After including capital grant revenue associated with the Alberton Oval redevelopment of $3.735m, and deducting depreciation and amortisation of $1.837m, the club reports a consolidated profit of $5.055m.

an excellent financial result on the surface, but one fears it might only embolden the people running the club to think that they are a successful organisation and doing a fantastic job.

 

[TeeKray]

Here is my question if anyone wants to ask it at the AGM:

What is the exact percentage of your revenue uplift that has been derived from increasing the cost of membership and ticketing? In more direct terms, how much extra have you been happy to charge your 'valued' members and supporters in the midst of a cost of living crisis in order to keep your own wages moving higher?

 

[Coobk001]

an excellent financial result on the surface, but one fears it might only embolden the people running the club to think that they are a successful organisation and doing a fantastic job.

Financially they're doing well. I don't think anyone has any fundamental concerns with that. The reality is that the football department is what it is all for and just being continually competitive is not success. Richmond winning spoons is a far better place to be after snagging 3 flags, than our last 12 years of mediocrity.

 

[tribey]

Here is my question if anyone wants to ask it at the AGM:

What is the exact percentage of your revenue uplift that has been derived from increasing the cost of membership and ticketing? In more direct terms, how much extra have you been happy to charge your 'valued' members and supporters in the midst of a cost of living crisis in order to keep your own wages moving higher?

[SMUG]: “We pay Cam Sutcliffe in carpet samples”

 

[TeeKray]

an excellent financial result on the surface, but one fears it might only embolden the people running the club to think that they are a successful organisation and doing a fantastic job.

The entire industry is doing well. A rising tide lifts all boats. We are not in a better (or worse, to be fair) position comparative to our rivals than we were 10 years ago.

 

[Portology]

Debt to under $2m.

This growth enabled the club to reduce debt by a further $2.0m in 2024, resulting in total debt reduction of $10.5m across the last four years. Total debt is down to $1.89m as of 31 October, with the club aiming to clear this historical debt in by the end of 2025.

I know which part of our "historical debt" I want cleared by the end of 2025. Can even name the guy

 

[Papa G]

an excellent financial result on the surface, but one fears it might only embolden the people running the club to think that they are a successful organisation and doing a fantastic job.

This is exactly what they think. Koch will be spruiking this bullshit at the AGM with the Everything is Awesome song from the Lego Movie playing on loop.

 

[Nelso]

About time they put some of this profit into the football department and hire high quality assistant coaches instead of the KMART coaching panel they have currently got in place.

 

[The Terrible Thinker]

About time they put some of this profit into the football department and hire high quality assistant coaches instead of the KMART coaching panel they have currently got in place.

Lucky we didnt go down the TEMU path then.

 

[bomberclifford]

Austerity program paying dividends.

 

[Willsy10]

Any danger of spending some of this money on some decent coaches or the fitness program?

 

[Steve Dore]

"A strong financial result provides the club with the ability to continue to grow and invest in our football programs ..." - David Koch

Except our football program still performs like it is being run on a shoestring budget.

 

[chiwigi]

Wanting to clear the debt by next year feels like the only reason we keep Hinkley on.

What a false economy this is.

We exist to exist!

 

[Anyonebutken]

I think its good that there has been a big focus on reducing debt. to be debt free brings us closer to getting a totally member elected board and getting our club back.Yes we need to spend more on the footy dept. but its not as if we havent had some decent assistants go thru the place the last 10 years, we all know the 1 problem and hopefully that will be fixed for 2026 then its full steam ahead, a finanicaly strong club with a strong coaching group.

 

[Enviable Tradition]

We Exist - The Black And White Noise

Today Port Adelaide released its 2024 financial results and even the most ardent sceptics have to admit they look very good. When most of the current regime came to the club around 12 years ago things weren’t looking so rosy. It seemed that the goals of the club needed to shift from “we exist to […]

theblackandwhitenoise.com

"The president, the board and the administrative team are to be commended for these fantastic financial results. And the question still remains. Is the team that helped the club still “exist” the same team that can prioritise football and help the club win its next premiership?"

 

[Papa G]

$1.89 million debt in a business this size is absolute chicken feed.

 

[Papa G]

Be nice if they broke down the revenue sources like membership, sponsorship, merch etc like every other club does. Surely we are pat the point of being embarrassed by these numbers?

 

[RussellEbertHandball]

The Port Adelaide Football Club is pleased to announce an operating profit of $3.157m for the 2024 financial year. This result is before grant revenue, depreciation, and amortisation.

Last year they reported an operating profit of $2.006m but that was AFTER depreciation and amortisation of $1.690m. So a like for like comparison is $3.157m - $1.837m = $1.320m .... So gone backwards by $686k

Last year after the operating profit there was a deduction of $2.063m for impairments and an addition of $15.631m for capital grants which meant a bottom line statutory profit of $15.574m which is how much our Net Assets increased by in 2023 over 2022 ie went from $17.097m to $32.671m.

That $2.063m impairment is not for writing off buildings like we did in 2022 ($4.972m write off), it had 2 components.

$1.100m was to write off the value of the Leasehold Licence of the Prince of Wales Hotel. When the merger with the Magpies happened, they brought that leasehold into the PAFC's Ltd books at $1.5mil. In 2016 they started amortising it at $50k a year ie writing down its value at $50k a year, so write it off over 30 years. In 2023 they decided the Leasehold Licence has no value.

They also wrote off $963k of a right to use asset ie something they were leasing and had to under accounting rules create an asset and value the lease, and set up an equal lease liability and write it off ie amortise it over time. It relates to some land and building asset. Might be either the Williams stand or the old Alan Scott Headquarters. Anyway they sort of hid it last year because of the $15.631m capital grant. There isn't any imparement write off this year.

 

[FishingRick04]

I think its good that there has been a big focus on reducing debt. to be debt free brings us closer to getting a totally member elected board and getting our club back.Yes we need to spend more on the footy dept. but its not as if we havent had some decent assistants go thru the place the last 10 years, we all know the 1 problem and hopefully that will be fixed for 2026 then its full steam ahead, a finanicaly strong club with a strong coaching group.

The two are not connected, Koch has stated he has no desire for member controlled board.

I say it year on year, having some business debt is good if it’s growing the business. Having a no debt mentality can limit growth.

 

[EskimoPAFC]

Sounds like a good result.

Off field success is important, but on field success is importanter.

 

[bringbackbucky]

Finance hardery for longery.

 

[davesnothere]

$1.89 million debt in a business this size is absolute chicken feed.

We will be paying our best player that a year very soon.