DESPITE what it warns is a sluggish domestic economy NZ’s Port of Tauranga sees signs of early recovery in some areas as it turns in a strong performance for the six months to 31 December 2024.
Group Net Profit After Tax of NZ$60.2 million was a 27.4% increase on the same period last year, while total trade volumes increased 6.9% to 12.4 million tonnes and containers increased 10.2% to 591,934 TEU compared with the prior corresponding period.
Although log exports dropped relative to the high volume of wind-damaged logs in the previous year, international demand for other key export commodities saw steady export trade in the first half. Bulk cargo volumes increased, particularly for imports, PoT reported.
“The port’s continuous focus on service delivery saw further reductions in vessel wait times, and productivity improvements across the port are being implemented,” it said. “Further gains remain challenging due to vessels continuing to arrive off schedule and berth capacity shortages, which also make it difficult to accommodate new shipping services.
“The capacity constraints can be alleviated with the construction of the Stella Passage development, and an application is now being prepared under the new fast-track legislation.”
Other highlight of the half-year:
• Ship visits: 690 (an increase of 2.4% from 674) • Imports: 4.4 million tonnes (a 14.9% increase from 3.9 million tonnes) • Exports: 8.0 million tonnes (a 3.0% increase from 7.8 million tonnes) • Log exports: 3.2 million tonnes (a 10.5% decrease from 3.6 million tonnes) • Direct dairy exports: 0.96 million tonnes (a 1.2% increase) • Subsidiary and associate company earnings: 1.1% increase • Interim dividend: 7.0 cents per share (compared with 6.0 cents per share).
PoT chief executive, Leonard Sampson, said the Tauranga had again proven its resilience thanks to diverse income streams and a constant focus on costs.
“We are preparing for future growth and even greater resilience through our investments in infrastructure for capacity, such as our Stella Passage resource consent application,” said Mr. Sampson.
“The application in the Environment Court is on hold pending an application under the new Fast-track Approvals Act. In December, the port received a second interim decision from the Court confirming that consent would be granted for part of the Stella Passage project, subject to revised conditions.
“However, that interim decision has been appealed to the High Court by three parties. Given the urgency of the project, to protect the interests of New Zealand importers and exporters, we are preparing an application under the new legislation,” Mr Samson said.
PoT chair Julia Hoare said the domestic economic outlook remained challenging in the short-term, with the international geopolitical situation remaining unpredictable. However, there is steady demand for NZ exports and Port of Tauranga remains well-positioned for the economic recovery.
Given the strong first half 2025 FY performance and steady export trading conditions, PoT has lifted its profit guidance range issued in October, with underlying Group earnings expected between NZ$115 million and $125 million.
