South Port New Zealand has reported record net profit after tax of $16.1 million for FY26, up 21% on the previous year as cargo and container volumes reached new highs.
Revenue for the year ended June 30 increased 14% to $71.8m, from $63.3m in FY25, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 16% to $29.9m.
Total cargo volumes increased 11.5% to a record 3.96 million tonnes, supported by agricultural activity, higher New Zealand Aluminium Smelter throughput and wind farm project cargo.
Bulk cargo increased 9.7% to 3.3 million tonnes, while container volumes climbed 18.5% to a record 62,000 twenty-foot equivalent units (TEU).
Volumes associated with the Tiwai Point aluminium smelter were up 16.1% to 942,000 tonnes.
South Port chair Philip Cory-Wright says the result reflects the company’s diversified trade base and investment in infrastructure.
“These results demonstrate the benefits of a balanced cargo mix, strong customer relationships, and disciplined investment in the infrastructure required to support regional industry,” Cory-Wright says.
Operating free cash flow increased 9% to $18.4m, while the company’s debt-to-EBITDA ratio fell to 0.6 times from 1.0 times in FY25.
During the year, South Port purchased the Bluff Freight Centre to provide additional storage capacity for growing dairy export volumes.
Chief executive Derek Nind says bulk cargo remains the port’s core trade, supported by agriculture, forestry, renewable energy project cargo and operations at the aluminium smelter.
“As Southland continues to grow, South Port’s role as critical regional infrastructure becomes increasingly important. Our focus is on ensuring we have the infrastructure, capability and planning in place to support that growth when it occurs,” Nind says.
The company expects FY27 trade volumes to remain broadly in line with FY26 but has flagged downside risks from the absence of wind farm project cargo and increased investment in staff and infrastructure. A further outlook update is expected at its annual shareholders’ meeting in October.
South Port has declared a full-year dividend of 29 cents per share, up from 28 cents in FY25.
The result follows a year of leadership changes. Long-serving chief executive Nigel Gear finished in May after more than 30 years with South Port, including 8.5 years as chief executive, with Nind taking over in July.
Cory-Wright will also retire from the board in October after 16 years as a director, with Nicola Greer set to become chair.
