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Published briefings for one covered company.

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Showing 1-10 of 10 published briefings.

Napier Port Holdings (NPH)FY25Released 19 November 2025

FY25 NPAT up 24.4% but H2 earnings halved and capex nearly doubled

Revenue and cash from operations grew double digits, yet pre-lease free cash flow slipped as capex intensity rose and the tax rate fell.

Published 22 April 2026

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Napier Port Holdings (NPH)HY25Released 21 May 2025

Napier Port PBT up 24.8% but NPAT beat flattered by tax rate drop

Revenue growth and deleveraging are genuine, but reported NPAT +40.8% overstates the operating step-up and the 6.5c interim includes a special...

Published 22 April 2026

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Napier Port Holdings (NPH)FY24Released 19 November 2024

Revenue up 19.4% on post-Cyclone rebound, PBT up 69% but tax burden clips NPAT

Underlying NPAT of NZ$20.7m nearly doubles, yet sits NZ$4.1m below reported NPAT, leaving the durability of the headline figure open to question.

Published 22 April 2026

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Napier Port Holdings (NPH)HY24Released 22 May 2024

PBT up 93.7% on log and cruise recovery, tax rate jump held NPAT to 64.8%

Operating leverage is real but the effective tax rate jumped to 36.5% and reported NPAT of NZ$14.3m ran ahead of underlying NPAT of NZ$11.1m.

Published 22 April 2026

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Napier Port Holdings (NPH)FY23Released 14 November 2023

Underlying NPAT fell 42% to $10.7m even as revenue grew 3.4%

Cost and cruise-led revenue recovery failed to protect margin, and the final dividend was cut 24.5% despite capex normalising and cash flow improving.

Published 22 April 2026

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Napier Port Holdings (NPH)HY23Released 24 May 2023

Revenue up 22.8% but NPAT fell and interim dividend cut 39.3%

Cruise return and container volumes drove top-line recovery, yet cost pressure, higher leverage and a softer dividend signal a more cautious tone...

Published 22 April 2026

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Napier Port Holdings (NPH)FY22Released 16 November 2022

Revenue up 4.6% but PBT fell 13% as gross debt jumped 70% to fund capex

Container volumes dropped 7.9% and pre-lease free cash flow stayed negative at $39.0m, pushing net debt from $75.7m to $129.2m.

Published 22 April 2026

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Napier Port Holdings (NPH)HY22Released 24 May 2022

Underlying NPAT fell 32% while borrowings tripled to NZ$118.3m

Lower trade volumes eroded operating profit as a capex-heavy build cycle lifted net debt to NZ$115.2m, leaving the dividend uncovered by free cash...

Published 22 April 2026

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Napier Port Holdings (NPH)FY21Released 16 November 2021

Record earnings but 6 Wharf capex flips Napier Port from net cash to $75.7m...

Revenue up 9.0% and OCF up 18.6%, yet $103.7m of capex absorbed the cash pile and the final dividend was trimmed 6%.

Published 22 April 2026

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Napier Port Holdings (NPH)HY21Released 25 May 2021

PBT fell 30% on flat revenue as capex flipped NPH into $32m net debt

Operating profit was only marginally lower, but below-the-line costs, working capital and a $45.8m capex program compressed cash and leverage...

Published 22 April 2026

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