South Port has posted record full-year results, highlighting strong growth in cargo volumes, robust financial performance and continued progress across key strategic initiatives.
In an announcement to the NZX, chairman Philip Cory-Wright said the year ended June 30 reflected a significant step up for the company.
Record normalised profit after tax of $13.9 million was up 40% on the previous year while reported NPAT of $13.3m was up 81%. Revenue increased 13% to $63.3m, driven by a stronger recovery in bulk cargo and continued diversification of trade.
The company declared a full-year dividend of 28 cents per share, up from 27 cents in FY24, reflecting confidence in the sustainability of earnings and cash flows.
Operational highlights included an 11% increase in total cargo throughput to 3.55 million tonnes, supported by strong bulk cargo performance. Bulk volumes grew 12.5%, underpinned by demand from agriculture and forestry sectors.
Container volumes remained steady, and South Port continued to benefit from balanced trade with exports representing 47% and imports 53% of total cargo.
Chief executive Nigel Gear said the successful channel-deepening project, completed on time and under budget, had already delivered tangible benefits to customers.
The company expected trade volumes to remain strong through FY26, supported by continued growth in the dairy and forestry sectors, consistent container volumes and stable operations at the New Zealand Aluminium Smelter (NZAS), which recently secured a 20-year electricity supply agreement extending to 2044.
Emerging opportunities in aquaculture, renewable energy, and data infrastructure were also expected to underpin South Port’s longer-term growth.
• South Port yesterday announced Mr Gear was stepping down from the role after eight years of leadership and more than 30 years with the company.
The board would begin a recruitment process early next year and Mr Gear’s departure was expected to take place in the second quarter of 2026. — Allied Media
