Napier Port Holdings Limited Analysis

Overview

Napier Port has been serving Hawke's Bay and surrounding regions for nearly 150 years. As the fourth largest port in New Zealand, by container volumes, Napier Port helps to build a thriving region by connecting customers and the community to global markets.

Napier Port offers a range of container, bulk cargo and cruise vessel services. In FY2018, the port managed the arrival and departure of over 680 ships, handled over five million tonnes of cargo and more than 100,000 cruise passengers.

Performance

The following information was extracted from Napier Port Holdings Limited's Half Year Results, released 20 May 2026

HIGHLIGHTS

• Revenue rose 8.8% to $84.9 million from $78.1 million in the same period last year and was led by growth in container services revenue
• Result from operating activities increased 12.5% to $37.3 million from $33.1 million in the same period last year
• Underlying net profit after tax increased 21.5% to $17.9 million from $14.8 million in the same period a year ago
• Reported net profit after tax decreased 10.8% to $18.0 million from $20.2 million, as the prior year period included the proceeds from the final settlement of Cyclone Gabrielle insurance claims
• $29.6m of capital expenditure in the period and strategic projects progressing well
• Directors declare a fully imputed interim dividend of 5.25 cents per share, a 31% increase from the base interim dividend in the prior year of 4.0 cents per share
• No change to forecast underlying result from operating activities for the year to 30 September 2026 of between $70 million and $74 million

Chief Executive, Todd Dawson said: “Our first-half result is pleasing and reflects the increased trade activity we saw during 2025. It represents our improved operational performance and a season with favourable growing conditions that has resulted in growth in refrigerated container cargo volumes – particularly across squash, onions and apple exports.

This result highlights the value of a diverse and resilient cargo base, supported by the operational flexibility to deliver capacity and port services needed by our customers. Partially offsetting increased container activity, we have seen a further drop in cruise vessel calls this season while the NZ cruise industry continues its efforts to rebuild cruise calls to NZ. Log exports from Napier Port are down 5.4% in the period and current market conditions are challenging for log exporters due to increasing fuel and supply chain costs.

“We are delivering on our strategic projects to enhance our operating capability. Our investments in our existing cranes, dredge vessel that is under construction, new mooring technology, and our container terminal transformation are progressing well. These will deliver improved capacity, service capabilities and operating efficiencies as they complete over the next year.” Mr Dawson said.