Port of Tauranga has reported a 27.4% increase in net profit after tax (NPAT) to $60.2 million for the six months to December 31, driven by a strong recovery in trade volumes.
The NZX-listed port saw total trade volumes increase 6.9% to 12.4 million tonnes and containers increased 10.2% to 591,934 TEUs compared with the prior corresponding period.
Operating revenue rose 12.5% to $225m, while earnings before interest, tax, depreciation, and amortisation (EBITDA) climbed 17.9% to $114.3m.
Chair Julia Hoare says the strong results were encouraging despite ongoing economic challenges.
“Whilst the domestic economy remains sluggish, we are seeing what we hope are the early signs of a recovery, particularly in bulk imports and most export categories,” she says.
As a result, the port has lifted its profit guidance for the full 2025 financial year, now expecting underlying earnings of $115 million to $125 million, up from the $102.7 million reported last year.
Cargo trends
Log exports dropped 10.5% to 3.2 million tonnes, reflecting the decline in wind-damaged logs from the previous year. However, other forestry exports, including sawn timber, increased.
Direct dairy exports rose 1.2%, while transhipped dairy volumes surged 81% compared to the same period last year. Kiwifruit export volumes also climbed 71%, capping off a record-breaking 2024 season.
Bulk cargo imported volumes were boosted by the return of coal shipments after several years’ hiatus. Genesis Energy recommenced coal imports for Huntly Power Station following last winter’s energy generation shortages.
Linked to favourable dairy commodity pricing, fertiliser imports increased 62.6% in volume and stock feed imports increased 35.6% in volume. Oil imports remained steady compared with the same period last year.
Development and expansion
Chief executive Leonard Sampson credited the port’s diverse income streams and operational efficiencies for the strong results.
“We are preparing for future growth and even greater resilience through our investments in infrastructure for capacity, such as our Stella Passage resource consent application,” he says.
The Stella Passage development, aimed at expanding berth capacity, is awaiting approval under the new Fast-track Approvals Act after a legal challenge to its initial consent decision.
Sampson emphasised the urgency of the project to protect New Zealand’s importers and exporters.
The port also continues to focus on reducing vessel wait times and improving productivity, although berth shortages and off-schedule arrivals remain challenges.
Meanwhile, the port and its consortium partners —Northland Regional Council and Ngāpuhi Investment Fund (Tupu Tonu) — have conditionally agreed to buy out minority shareholders in Marsden Maritime Holdings. If successful, the deal would merge Northport and Marsden Maritime Holdings, with Port of Tauranga holding 50% ownership.
The proposal is subject to community consultation with Northland ratepayers and a shareholder vote.
