In a statement to the NZX, the company said the result was underpinned by strong bulk and stable container volumes which more than offset reduced activity at the Tiwai wharf.
Cargo volumes at Tiwai dropped 20% to 811,000 tonnes, impacted by the 50MW demand response call agreed between NZAS and Meridian Energy.
Despite lower volume, revenue remained stable due to a fixed-fee structure. Following improved hydro storage levels, NZAS could begin the process of resuming normal operations in June.
Total revenue was up 13% to $63.3m while ebitda was up 21% to $25.8m. Operating costs increased by 7% reflecting inflationary pressures, additional compliance and increased maintenance in the marine and infrastructure sectors.
Bulk cargo was the standout performer driven by strong agricultural demand.
Fertiliser volumes increased 23% to 353,000 tonnes and stock food surged 74% to 563,000 tonnes due to a high dairy payout and a wet spring.
Forestry exports also rebounded strongly, up 27% to 983,000 tonnes. Woodchip vessels, in particular, benefited from increased draft post-Kia Whakaū dredging, improving supply chain economics and backloading opportunities.
Container volumes were steady at 52,300 TEU despite disrupted global shipping schedules. Agricultural imports and manufacturing exports helped maintain activity.
Following a multi-year period of heavy investment, including dredging, petroleum berth rebuild, a new tug and Island Harbour infrastructure upgrades, FY25 saw modest PPE (plant property and equipment) growth of 3%.
Maintenance capex was held flat at $4.3m, aligned with depreciation.
The board declared a final dividend of 20.5cps, bringing the total dividend to 28.0cps (fully imputed), 1cps above FY24.
Looking to FY26, South Port expected continued strength in bulk cargo due to a strong dairy outlook and ongoing recovery in the meat sector.
Forecast milk prices supported continued import demand for agricultural inputs. Container volumes were expected to hold steady while volumes at Tiwai should recover to normal levels barring further demand response interruptions.
Several aquaculture and renewable energy projects were in progress and planning was under way to determine infrastructure and land requirements to both service those projects and secure potential future cargo growth.
— Allied Media
