The Port Adelaide Football Club has announced a net profit from continuing operations of $512,092 for the financial year ending 31 October 2019, an improvement of $190,079 on 2018, along with a $1 million repayment of debt to the AFL.

Port Adelaide chairman David Koch said that despite some challenges across the year it was pleasing to improve the club’s financial position year on year by nearly $200,000.

“On one hand our returns from membership and through attendances at Adelaide oval were down, while from a commercial perspective we welcomed Sanjeev Gupta and the team at GFG as our co-major partner, in the first year of what we see as a generational partnership,” Mr Koch said.

“Significantly, we also continued to increase our returns from our China operations and delivered another quality game experience in year three of our Shanghai venture.

“Importantly, we also paid down one million dollars of debt to the AFL, reducing our debt to just over seven million dollars at the end of the financial year.”

After taking into account depreciation and restructuring costs, the club incurred a loss of $689,518 which was mitigated by a revaluation gain of $636,004 on its land and buildings and stage one of the club’s memorabilia catalogue and review process of $534,000. This resulted in the Port Adelaide Football Club reporting a Total Comprehensive Income of $480,486, increasing the net asset position of the club to $7,691,628 (up from $7,211,142 as at 31 October 2018).

“Our club is in a strong position and the Board, Executive and entire club staff are focussed on driving the club forward and celebrating our 150^th year with our people in 2020,” Mr Koch said.

“On behalf of the club, I acknowledge and thank our loyal members, supporters, corporate and community partners who are the lifeblood of our organisation.”

Port Adelaide Football Club members can obtain access to the club’s 2019 accounts at the Annual General Meeting on January 31 at Alberton.