The Port Adelaide Football Club has declared a record operating profit of $4,209,451 for the financial year ending 31 October 2021.
This result highlights the strength of the club’s current position and the positive momentum that continues to build on the back of the Chasing Greatness strategic agenda.
Highlights are;
- Statutory profit of $4,755,884 (2020; $4.0 million loss)
- 2021 financial result is an $8.796m turnaround on the 2020 result
- Profit from operating activities before depreciation $5,714,278 (2020; $278,806 net loss)
- $3.2 million in debt repaid
- Revenue up 24 per cent to $49.3 million
- Strong balance sheet underpinned by Total Equity of $14.9 million
- Football department fully funded
- Results achieved whilst securing approvals and funding for the $30m generational transformation of the Alberton Oval precinct.
The result was led by growth in operating revenues of $9.613m on 2020, across membership, partnerships, hospitality and gate receipts.
Operating costs were well managed in another uncertain COVID impacted year. The re-engineering of the club’s business model in 2020 contributed to the club’s significantly improved financial performance. Importantly, the club maintained its commitment to fully funding its football program.
Port Adelaide chairman David Koch believes it is a result which the entire club and its community can be proud of.
“The entire Port Adelaide Football Club community has contributed to this impressive result, achieved during such challenging times,and should be excited about what is ahead,” Mr Koch said.
“Rather than aspiring to be ‘debt free’ and ‘sustainable’, our goal is to build a financially powerful Port Adelaide. Financial strength will provide our teams at AFL, SANFL and AFLW level with the best opportunity to win, and at the same time ensure we give back and invest in our people and community.
“The foundation for this result was built on the decisive changes made in 2020 as we moved quickly to protect the club from the onset of COVID-19 which was the biggest financial threat in our club’s history.
“Thanks to the incredible support of our members, we achieved record membership and substantial merchandise sales across 2021.
“We have a team of commercial partners led by joint major partners GFG, MG and KFC, who are highly engaged and invested in the vision we are building at Port Adelaide. This partnership approach is critical to our growth into AFLW and the exciting facility re-development at Alberton Oval and will open up further opportunities for growth.
“The club also commenced a fully funded $30m transformation of our home at Alberton Oval which will ensure players, staff and members enjoy world class facilities for generations to come.
“On-field, we have an AFL playing list which we have high expectations of, including an exciting core group that we are confident of building an era of sustained success around.”
Mr Koch said the club has taken full advantage of the necessity to re-set its business model as a result of the financial impacts from COVID-19.
“Our priority remains investing in our football programs and transforming the facilities at Alberton for the benefit of our players, members and the community. Our objective to prudently repay debt is important as we also build the club’s financial capability.
“We will remain focused on our core business but also accelerate our thinking to revenue generating assets that will build the financial capability of the Port Adelaide Football Club long-term. The multi-million dollar investment in our home at Alberton Oval is a great example of this.
“The new social club facility (The Precinct at Alberton) is wholly owned by the football club. This venue not only provides a wonderful new home for our members and supporters to be proud of, it will be a significant revenue generating asset for our football club. Every dollar spent at ‘The Precinct’, whether that be in the retail store, for conventions and meetings or upstairs in the magnificent new hospitality area, remains inside the club. I’d like to personally thank the people who have contributed to this project and are helping us deliver this exciting project.
“The $30m Alberton Oval precinct re-development approval and funding, whilst not reflected in our financial result in 2021, is a major milestone for our club and we look forward to bringing that to life over the next 18 months.”
The Port Adelaide Football Club will hold its Annual General Meeting this Friday 18 February at 6.00pm.
The Annual General Meeting will be streamed live on the club’s website and will include presentations from Chairman David Koch and CEO Matthew Richardson and interviews with Senior Coach Ken Hinkley and Head of AFLW Juliet Haslam.
