Port of Tauranga (POT) H1 2025 earnings summary

Executive summary

• Net profit after tax rose 27.4% to $60.2 million for the six months ended December 2024, driven by higher trade volumes and container throughput.

• Total trade increased 6.9% to 12.4 million tonnes, with container volumes up 10.2% to 591,934 TEUs.

• Operating revenue grew 12.5% to $225.0 million, and EBITDA increased 17.9% to $114.3 million year-over-year.

• Interim dividend increased to 7.0 cents per share from 6.0 cents, reflecting strong financial performance.

• Strategic projects include Stella Passage development and a conditional agreement to acquire minority interests in Marsden Maritime Holdings.

Financial highlights

• Net profit after tax reached $60.2 million, up from $47.2 million in the prior year period.

• Operating revenue: $225.0 million, up from $200.011 million year-over-year.

• EBITDA: $114.3 million, up 17.9% year-over-year.

• Interim dividend declared at 7.0 cents per share, up from 6.0 cents.

• Basic earnings per share: 8.9 cents, up from 7.0 cents year-over-year.

Outlook and guidance

• FY2025 underlying earnings guidance raised to $115 million–$125 million, excluding revaluations and one-off items.

• Export volumes expected to remain steady in H2 FY25; log volume forecast at 6.3 million JAS for FY25.

• Infrastructure investment and capital dredging to commence in FY25 to support future growth.

• Expect to handle approximately 1.2 million TEU for FY25.

• Domestic conditions remain challenging and international geopolitical risks persist.