South Port New Zealand (SPN) H1 2025 earnings summary

Executive summary

• Achieved substantially improved financial performance in 1H25, driven by increased volumes across most key commodities.

• Net profit after tax for the first six months was $5.7 million, up from $3.0 million in 1H24, exceeding budget.

• Cargo activity rose 13.6% year-over-year to 1,691,000 tonnes, with notable increases in logs, fertiliser, woodchips, and stock food.

• Temporary reduction in NZAS operations negatively impacted alumina and aluminium cargoes, but full production is expected to resume by April 2025.

Financial highlights

• Total operating revenue for the six months was $29.6 million, up from $25.5 million in 1H24.

• Operating profit before admin and finance costs was $13.4 million (1H24: $9.2 million).

• Net profit after tax was $5.76 million, compared to $3.03 million in 1H24.

• Net asset backing per share increased to $2.32 (1H24: $2.20).

• Net cash provided by operating activities was $7.04 million, up from $0.88 million in 1H24.

Outlook and guidance

• Full year earnings expected to exceed the previous guidance range of $9.3–$10.3 million.

• Recovery in export markets and record farm gate milk prices are positive for future cargo volumes.

• Forestry sector shows signs of recovery, with potential for increased log exports to India.