Highlights 

  • Normalised NPAT of SPN rose 40% YoY to NZD 13.9 million for FY25. 
  • Revenue increased 13% YoY to NZD 63.3 million, supported by higher bulk cargo volumes. 
  • Total cargo throughput climbed 11% YoY to 3.55 million tonnes for the year. 

South Port New Zealand Limited (NZX:SPN) announced record financial results for the year ended 30 June 2025, reflecting higher cargo volumes and solid financial outcomes across key operations. 

Record Year of Financial Growth 

Chair of South Port, Philip Cory-Wright, stated that FY25 marked a step change for the company, with a normalised net profit after tax (NPAT) of NZD 13.9 million, up 40% from the previous year. Reported NPAT rose 81% to NZD 13.3 million. Revenue reached NZD 63.3 million, a 13% increase, driven by a recovery in bulk cargo and trade diversification. 

“This is an exceptional result built on the resilience of our people, strong relationships with our customers, and the benefits of strategic infrastructure investment,” said Cory-Wright. “We’ve achieved growth while maintaining a prudent approach to capital management and dividend returns.” 

The board declared a full-year dividend of 28 cents per share, compared to 27 cents in FY24, reflecting stable earnings and cash flow performance. 

Cargo Volumes and Operational Progress 

Total cargo throughput for FY25 increased 11% to 3.55 million tonnes, supported by bulk cargo growth of 12.5%. This was largely underpinned by demand from the agriculture and forestry sectors. Container volumes remained steady, with exports accounting for 47% and imports for 53% of total trade. 

Chief Executive, Nigel Gear, highlighted the completion of the channel deepening project as a key operational achievement. 

“The additional metre of draft allows us to load more cargo per vessel, improving safety and efficiency while providing real cost advantages to exporters,” said Gear. 

Sustainability and Community Engagement 

South Port continued advancing its sustainability agenda, completing post-dredging environmental monitoring and strengthening engagement with Awarua Rūnaka and the Southland community. These initiatives align with the company’s broader environmental and social objectives. 

Outlook and Future Investments 

The company expects trade volumes to remain steady through FY26, supported by consistent activity in the dairy and forestry sectors, stable container throughput, and ongoing operations at the New Zealand Aluminium Smelter (NZAS), which has secured a 20-year electricity supply agreement through to 2044. 

South Port is also assessing long-term opportunities in aquaculture, renewable energy, and data infrastructure, alongside plans for significant capital investments over the next five years. 

“South Port’s strong balance sheet and disciplined investment approach position us well to support Southland’s future industries,” said Cory-Wright. “Our focus remains on enabling regional growth while delivering sustainable returns for shareholders.” 

Share performance 

SPN shares traded at NZD 9.21 per share on 29 October 2025.