Napier Port has announced robust financial results for the year ending 30 September 2025. The performance was driven by higher container volumes, yield management, and strict cost control.
Key Highlights
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Revenue rose 11.6% to NZD 157.7 million.
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Result from operating activities increased 23.5% to NZD 64.2 million.
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Underlying net profit after tax grew 36.5% to NZD 28.3 million.
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Reported net profit after tax was NZD 30.9 million, up 24.4%.
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Board declared a fully imputed final dividend of 8 cents per share, bringing total dividends for 2025 to 14.5 cents per share, up from 9 cents.
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FY2026 earnings guidance: operating result between NZD 70 million and 74 million.
Performance Overview
Container volumes rose 9.1% to 250,000 TEU, supported by stronger export timber, apple production, and transshipment activity. Average revenue per TEU increased 9.2%.
Moreover, bulk cargo volumes fell slightly by 1.7% to 3.41 million tonnes, but average revenue per tonne rose 6.5%. Cruise revenue decreased 9% to NZD 8.3 million due to fewer vessel visits (78).
Operating results improved as revenue growth of NZD 16.4 million exceeded expense growth of NZD 4.2 million. Cyclone Gabrielle insurance proceeds added NZD 7.5 million, partly offset by asset write-downs.
Capital and Debt
In addition, Napier Port invested NZD 33.1 million in dredge vessels, mobile harbour cranes, container terminal upgrades, and maintenance. Gross debt stood at NZD 107 million, with NZD 73 million in undrawn bank facilities. Debt coverage ratio was 1.50x.
Dividend
Also, the final dividend of 8 cents per share will be paid on 16 December 2025, with a record date of 3 December 2025. Total 2025 dividends, including a 2.5-cent special dividend, reached 14.5 cents per share.
Outlook
Lastly, CEO Todd Dawson said: “Napier Port is well-positioned for continued growth. Our food and fibre exports remain strong. We are investing in operational capability and capacity through several transformational projects. For FY2026, we forecast underlying operating results of NZD 70–74 million. Cruise visits are expected to decline to 60 vessels, but our diverse cargo base supports stable earnings.”
